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snoopyloopy · 07-28-2009, 05:07 AM

do you guys know of a good place to find a debt consolidation loan? i intend to look at my credit unions soon, but was also wondering if anyone else might have some suggestions as well. when i realized exactly how much i end up paying a year due to interest on my credit cards, the motivation to pay them off asap grew very high. my credit score is in the low 700, so i think i should be ok for getting a small ($5000 or less) without a cosigner.

briansol · 07-28-2009, 05:37 AM

i'd suggest avoiding debt consolidation if at all possible. it looks bad, and frankly, they are in it to make money off you-- not to help you get out of debt.

Your best bet is to apply to new credit cards that have a 0% intro apr for a year. push as much money from the highest cards on there as you can and float the 0% as long as you can.

when the time comes up, move the money again to a new card.

in the mean time, don't even carry your credit card. I never suggest cutting it up (because you might need it in an emergency) but odds are if you're out, you'll be less likely to make a spur of the moment impulse purchase if you have to drive all the way home then all the way back to the store to do it.

titan22 · 07-28-2009, 02:07 PM

it depends on what your credit card rates are. if you go to a bank or credit union, you could get a signature loan. if that is lower than your credit card rates, then go ahead and get it.

do NOT go to a debt consolidation company that you see on tv or online. if you are in that much trouble, i would just get a credit attorney. they can help out quite a bit.

snoopyloopy · 08-16-2009, 04:20 PM

no, i'm not in trouble really. but with the credit card legislation that got passed, the companies all decided to raise rates whilst they could. so they are no longer very attractive at all. and no, i wasn't going to get one specifically labeled "debt consolidation," just a loan with lower interest that would be able to give me a bit of a lower interest.

titan22 · 08-17-2009, 04:32 PM

yeah, the cc companies are getting ready to do some really bad things. it's a good time to pay off as much as possible, and any way possible. sell stuff on ebay, have a garage sale, take a part time job, whatever it takes.

07-28-2009, 05:07 AM	#1
snoopyloopy Greenhorn Join Date: Dec 2006 Location: Killa Cali Age: 22 Posts: 15 Rep Power: 0	debt consolidation loan do you guys know of a good place to find a debt consolidation loan? i intend to look at my credit unions soon, but was also wondering if anyone else might have some suggestions as well. when i realized exactly how much i end up paying a year due to interest on my credit cards, the motivation to pay them off asap grew very high. my credit score is in the low 700, so i think i should be ok for getting a small ($5000 or less) without a cosigner.

07-28-2009, 05:37 AM	#2
briansol Administrator Join Date: Aug 2006 Location: Central CT Age: 30 Posts: 739 Rep Power: 10	i'd suggest avoiding debt consolidation if at all possible. it looks bad, and frankly, they are in it to make money off you-- not to help you get out of debt. Your best bet is to apply to new credit cards that have a 0% intro apr for a year. push as much money from the highest cards on there as you can and float the 0% as long as you can. when the time comes up, move the money again to a new card. in the mean time, don't even carry your credit card. I never suggest cutting it up (because you might need it in an emergency) but odds are if you're out, you'll be less likely to make a spur of the moment impulse purchase if you have to drive all the way home then all the way back to the store to do it. __________________ Any thoughts or opinions are that of my own. Research your buys and sales on your own. I am not a stock broker.

07-28-2009, 02:07 PM	#3
titan22 Super Moderator Join Date: Aug 2006 Location: West Coast Posts: 773 Rep Power: 6	it depends on what your credit card rates are. if you go to a bank or credit union, you could get a signature loan. if that is lower than your credit card rates, then go ahead and get it. do NOT go to a debt consolidation company that you see on tv or online. if you are in that much trouble, i would just get a credit attorney. they can help out quite a bit. __________________ This post does not express the opinions of the website, it's members, or its owner. Always invest with caution and do proper research. If you have questions, consult a paid, investment professional.

08-17-2009, 04:32 PM	#5
titan22 Super Moderator Join Date: Aug 2006 Location: West Coast Posts: 773 Rep Power: 6	yeah, the cc companies are getting ready to do some really bad things. it's a good time to pay off as much as possible, and any way possible. sell stuff on ebay, have a garage sale, take a part time job, whatever it takes. __________________ This post does not express the opinions of the website, it's members, or its owner. Always invest with caution and do proper research. If you have questions, consult a paid, investment professional.

08-16-2009, 04:20 PM	#4
snoopyloopy Greenhorn Join Date: Dec 2006 Location: Killa Cali Age: 22 Posts: 15 Rep Power: 0	no, i'm not in trouble really. but with the credit card legislation that got passed, the companies all decided to raise rates whilst they could. so they are no longer very attractive at all. and no, i wasn't going to get one specifically labeled "debt consolidation," just a loan with lower interest that would be able to give me a bit of a lower interest.

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