Saturday, January 2nd, 2010

Best way to consolidate debt when you already have so much they won’t give you anymore?

consolidate debt
Brad M asked:


I’m trying to better myself and pay off credit card debt. My credit is good, I just bought my first home by myself. But I wish ot get rid of my credit card debt faster… I have done all I can transferring to lower rate cards. But when you try to pull out a loan to consolidate, they say “you already have too much out”, and I get declined. But that defeats the purpose! I think it’s too soon to do a home equity loan, I don’t have much equity in my home yet. And I really don’t want to resort to a credit counseling agency that can harm your credit! Any ideas or banks, websites, etc. to check out?

This entry was posted on Saturday, January 2nd, 2010 at 12:00 am and is filed under Debt Information. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

3 Responses to “Best way to consolidate debt when you already have so much they won’t give you anymore?”

Diamond Says:
January 5th, 2010 at 12:27 am

a recommendation is not to go to a company because they charge you interest rate for every 3% you put in your card the best think to do is to start give higher payments each month

God r Says:
January 8th, 2010 at 3:27 am

Practically any type of loan can be wrapped into the debt consolidation process. Common types include finance charges, late fees and overdraft charges, credit cards, personal loans, utility bills, medical bills, car loans, store cards, gas cards and back taxes. A debt consolidation loanold loans are replaced with a new one that has more favorable terms. Your loan consultant will negotiate with creditors on your behalf, so you’ll no longer have to deal with harassing phone calls and daily mail.

Pitty T Says:
January 10th, 2010 at 9:21 am

Opt for a debt consolidation loan: The easiest method of getting a debt consolidation loan is to utilize the equity of your home. Equity of your home is calculated and determined by the difference in the amount you have paid and the amount you owe. If the amount you have paid is more than the amount due, you can use it as collateral. This allows you to borrow money on lower interest rates. Besides, you also get tax benefit on this type of loan. Consult your tax advisor before opting for this loan.

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