Comments for Debt Consolidation Review

Comment on Is Capital Direct a good company, we are planning to use their services for debt consolidation purpose. Help? by stephen h

stephen h — Sat, 06 Jun 2009 14:42:51 +0000

If they have a lot of fees and changing rates, I would shy away from them.

Get a loan thru a credit union such as Patelco (Google it). They are very liberal lenders with no extra fees and decent — fixed!– interest rates.

Depending on the amount of debt you are consolidating, they offer a Visa Gold credit card at 8.9% with up to 50k limit(no bs fees, min payment 1.5%).

If that doesn’t suit your needs, you may be able to explore other options with a credit union.

Comment on I need to advertise for a student loan debt consolidation company that targets students around UF, ideas? by brettR

brettR — Sat, 06 Jun 2009 12:22:50 +0000

You can try out the site below - at least to get some information from them… I would make sure you shop around for debt consolidation companies before jumping in, many can be a little shady.

Comment on should i get a debt consolidation loan on my home to pay off debt? by Kevin A

Kevin A — Sat, 06 Jun 2009 10:59:49 +0000

You might check out They have some very helpful information on loan consolidation and credit card debt.

Comment on Anyone know of real debt consolidation? by Gillian G

Gillian G — Sat, 06 Jun 2009 09:16:31 +0000

If you can, go to your bank. They may be willing to give you a loan to consolidate your debt. I did this and I was amazed when they agreed to give me a loan.

But if this route is not open to you there are a number of ways you could approach this - it depends on your circumstances as to which is the best route for you.

It really pays you to do your own research and shop around. There is a website here which has a lot of information and helpful advice. I hope you find your answer.

Good luck!

Comment on Will applying for (and receiving) a debt-consolidation loan damage my credit? by Ed Atun

Ed Atun — Sat, 06 Jun 2009 08:17:52 +0000

A debt-consolidation loan is just a fancy word for a “new” loan at the same banks you borrowed from before. It doesn’t hurt your credit because the amount owed has not increased.
A debt-consolidation “service” tries to charge you $1,000 to get lenders to reduce your debts. You make one payment each month to the “service” and they pay everyone you owe. This is an area of business which is 99% scammers so you need to avoid them.

Comment on debt or bill consolidation for payday loans? by kel.scot

kel.scot — Sat, 06 Jun 2009 08:01:21 +0000

There is a great place to go with this. I was in a very similar situation.

This is getting help from real people without the use of banks or credit card companies. Good Luck!

Comment on is there any way of getting a personal loan, not debt consolidation, if you have bad credit? by mom2trinityj

mom2trinityj — Sat, 06 Jun 2009 03:39:49 +0000

I have a much better idea for you. Rather than taking out additional debt in order to pay off existing debt, why not contact a local credit counseling service and get help to eliminate your debt entirely?

A good credit counseling service will help you contact your creditors, negotiate (and in some cases entirely eliminate) a reduction in late fees, help you pay less interest on existing debt, create a budget (and teach you to live within it), among other things. The best part of this is that this is NOT bankruptcy, it’s not additional loans, it’s debt elimination. It’s also entirely free. You just have to make the commitment to make the change to your life.

Debt is an animal that can haunt you your entire life. It can destroy your marriage and erode your self confidence. It’s good that you’re ready to get rid of your debt, but do that in the smartest way possible.

Good luck to you!

Comment on I need to advertise for a student loan debt consolidation company that targets students around UF, ideas? by sunny_32746

sunny_32746 — Sat, 06 Jun 2009 02:34:41 +0000

I would think that the internet would probably be the best, fastest and least expensive way to go…

Comment on Should I file for bankruptcy or do debt consolidation. I have $42K in cc debt + my car, house, i cant keep up? by Franco

Franco — Sat, 06 Jun 2009 01:49:46 +0000

Bankruptcy is the last resort.

If you are a student get a job for Saturdays or Sundays?

You can let a spare room to another student.

You can give up your car and use a bicycle. It is healthier.

That 14% interest on the loan is too high. Shop around for a better rate.

Scrutinize everything and only buy the essentials.

Spend much less on clothes and go where entertainment is free.

Comment on Which is the better option in regards to reducing debt: debt consolidation or debt settlement (negotiation)? by heybulldog

heybulldog — Sat, 06 Jun 2009 01:14:37 +0000

depends. If you can make the payments and have good enough credit You can consolidate all your debts into one. Pile cash on it till its gone. As long as you are making the min payment as agreed then Your credit will not take a beating.
It would be best just to list your debts smallest to largest and pay off the smallest first while making min payments on the rest. Then after you pay off the smallest take that money and pay the next smallest debt.
Most People will tell you to pay the highest interest first. Interest rate is not the problem. Its the spending. If you work from smallest to largest you will see progress faster which will keep you motivated to move on to the next.

If you cannot make the payments, thats when you have to go with a settlement. It will trash your credit.
I wouldnt use any company that you have to pay. Most if not all of these companies will not pay your creditors for months and then try and settle for less. No special skills. They just dont pay. Even the companies that have the word “Consolidation” in thier name.

Remember if you use a some company and they dont pay your creditors. You, and you alone will still be responsible for the debt. Your creditors will come after you and not the company you hired.