Neo asked:


Does anybody have any comments about Green Path debt consilidation?

Clint P asked:


I have been reviewing different websites for help with my credit card debt. Because of religious beliefs I am hoping to find someone that can offer Christian debt consolidation. Does anyone know who are the best Christan debt consolidators?

J T asked:


I have approximately $15K in various credit card and hospital bill debt. I am looking for a good company that does debt consolidations/loans.

There are lots and lots of companies available but i’ve heard there are both good and bad ones out there. Personal experiences are highly important so if you have any – please share them.
Also, is there any rating/review service or consumer guide that has written about this field? Web Links?

Chris asked:


In desperate need of a kind soul with lots of financial knowledge and a the time to read my story.

Today, I found out the hard way that my wife of 1 year (girlfriend/fiancee of 7 years) is in a LOT of credit card debt. She had managed to keep it from me all this time but today checking the mail I saw something that peaked my interest and confronted her.

After a lot of yelling, cooler heads finally prevailed and I realized the situation needs to be addressed NOW. She has about $9,000 in debt racked up among 8 different credit lines, and the interest rate on a couple of them are insanely high (20%!).

I have never had any type of financial issues so I am at a complete loss on how to handle this. As it is, the majority of her paycheck goes to just paying the minimum payments and with the high interest rates, the principal amount is barely going down. The debt will never get paid off this way!

I’ve read mixed reviews about using debt consolidation. Some say it’ll lower your payments and put everything in one convenient bill but some say it’s a total scam and will destroy your credit.

Some say Bankruptcy is a better option but at this point she’s not deliquent on any of her accounts. Like I said, she CAN pay the minimum each month, but it leaves her very little left and the debt isn’t going down very fast.

I’ve also read that you can call the various credit card companies and negotiate a lower interest rate, but I’m not sure they would do this since she’s still paying them every month.

Lastly, I heard going to the bank and trying to get a debt consolidation loan yourself is a good idea. I’m not sure if we’d get enough to cover the debt because I have no idea where her credit is at but so far this seems like the most sane idea.

Ok, that being said, please help!

We have already resolved to buckle down and do a budget. I’ve always been able to keep a budget but she can’t, but that’s going to change now that I actually KNOW about this debt. But right now I’m wondering what the best course of action is to get us out of debt ASAP! It seems that just paying the 8 credit card companies as much as we can every month will work but take a while. I’m in for the long haul but if there’s a quicker way I’m up for it!

Thanks in advance!
Thanks for you quick and concise answer to my debt question, Rick.

Just a follow up regarding consolidation: What if we were to go to the bank and get a loan for $9,000 (roughly the amount owed to the credit card companies) and managed to get a lower interest rate than the credit cards? We could then pay off all the credit cards and instead have one loan with the same principal amount but a lower insterest rate. Wouldn’t that essneitally be trading the high-interest credit cards for a lower-interest loan?

Thanks again!

Pat B asked:


I have my own business and it has been around for over 4 years. My business has excellent credit including 3 credit cards and multiple vendors that I buy equipment and hardware from. I am going through a debt consolidation/reduction plan right now and have charged off 3 credit cards and paid a reduced amount as a settlement so basically my personal credit isn’t in great shape.

Citibank recently cut my credit limit on a BUSINESS credit card from $15,000 down to $2000 stating that they reviewed my personal credit and based on their review they lowered the limit on my BUSINESS credit card. How is this possible for them to base my business credit on a personal credit review?

I was in the middle of a business trip and was unable to pay for the rest of my meals and hotel because I only carry one credit card since it had a more than adequate limit. Needless to say it was a mess to scramble to find money to pay for food and expenses the last week of the trip.

richy asked:


Is it a good or bad? I worked with Creditors directly, but no use.. They never come down on the APR.. still 29.99%. I never missed on payments.. Only bad thing I did for 2 cards are I forgot to remove the automatic payment option from my old checking account in May and Jun.. With that mistake, they gone up on my APR’s and missing payments. They will review my account only after 12 months of ontime payments… ? So, I started working with various debt consolidation companies, they offered for $590 / 36 months which includes($200 for the company).. But in their terms, they cannot guarantee any.. Can we trust such of these companies? When I calculate, I am not even paying all to the credit cards…Not sure if its a good practice? What happens to the credit score and profile if continue with Debt Mgt companies? Please share if any had any past experience or any suggestions .. Thanks in advance

Llaine asked:


I would like to pay off my debts and consolidation is not really my kind of thing at the moment. what are my options and probably review sites that can use to make some choices

360 asked:


I was out of work for a year and all my credis cards are closed. I owe them 7000 dollors. I am overwhelmed with all the bills. I want to pay them back but don’t know wher to start. Can anyone recommend a good consolidation agency. Plz I am 21 yr old and really frustrated with bad credit.

deep.deeep asked:


i just made this page
here’s the link
http://debt-consolidation-resources.50webs.org/
tell me if you found to crowded with ads, informative…. any honest review.
(please dont write a review without acctually going to the site)

KO asked:


I have recently lost my job after being in the telecommunications industry for ten years. I have had no luck finding a new 9-5 job with a regular salary. I have been forced to take a job full time at a restaurant.

I have over $29,000 in credit card debt most with APR’s in the high 20’s. I have done my best over the last 6 months to keep up with my minimum payments but am finding it impossible recently to balance my debt along with my living expenses. By living expense, I do mean the bare minimums. Rent,utilities, gas, food etc.. I have not wasted funds on entertainment or purchases other than does required for work.

I had an hour long conversation today with a debt consolidation company. It is has been in business since 1965 and is non-profit. I actually used their services in the past to consolidate debt that I managed to pay off about 8 years ago. They analyzed all of my assets, income, debt and overall financial situation. They determined that I was running at a 65% deficit between what I am brining in and what I owe. They recommended that, although it may sound harsh, my best option was to file for bankruptcy. They determined that I would not be able to keep up with any type of repayment schedule that they would negotiate with the banks and that a fresh start may be my best option.

I have avoided the thought of filing for bankruptcy in the past for several reasons. But now that my income is at an all time low and my job prospects do not seem to be sorting themselves out in the near future, I do not now what other options I have available to me. Needless to say, the stress of the whole situation has been making life extremely unpleasant.

I am single, have no kids, and will not be purchasing a house in the near future. The only asset I own, is an 8 year old car.

I have five questions:

1) Other than having a bankruptcy ruling on my file for the next ten years and not being able to secure credit, what are the other disadvantages of filing for bankruptcy?

2) I do not have disposable income. I am making enough to pay for essentials. Would my chances of having the entire debt excused be good? Or would I still be responsible for paying a percentage?

3) I know from my corporate experience that my credit file would be reviewed during the job applications process. I am considering a career with the Federal Government. How would a bankruptcy ruling be looked upon by the government during the job application process?

4) How much with a reputable bankruptcy lawyer cost me?

5) I have also read that another option is to do nothing and ignore my creditors. The following excerpt below is from http://bankruptcy.findlaw.com/ . Is this plausible?

Do Nothing
Surprisingly, the best approach for some people deeply in debt is to take no action at all. If you’re living simply, with little income and property, and look forward to a similar life in the future, you may be what’s known as “judgment proof.” This means that anyone who sues you and obtains a court judgment won’t be able to collect from you simply because you don’t have anything they can legally take. (As a famous song of the 1970s said, “freedom’s just another word for nothing left to lose.”)

Except in unusual situations (being a tax protester or willfully failing to pay child support) you can’t be thrown in jail for not paying your debts. Nor can a creditor take away such essentials as basic clothing, ordinary household furnishings, personal effects, food, or Social Security, unemployment, or public assistance benefits.

So, if you don’t anticipate having a steady income or property a creditor could grab, bankruptcy is probably not necessary. Your creditors probably won’t sue you, because it’s unlikely they could collect the judgment. Instead, they’ll simply write off your debt and treat it as a deductible business loss for income tax purposes. In several years, the debt will become legally uncollectible. And in seven years, the debt will come off your credit record.

I am planning on contacting a bankruptcy lawyer for further advice but wanted to get an idea as to what I am dealing with before I further the process.

I appreciate any feedback the Yahoo community is able to provide!

Thank you in advance!!