Posted on: 15th May, 2009 04:43 pm
We have alot of credit card debt and would like to consolidate it...we bought a mobile home in 1999 and are still paying on it...also we own 7.5 acres of land free and clear...any suggestions?
Hi navecoll!
Welcome to forums!
In my opinion it is a good idea to consolidate your debts. You can contact few debt consolidation companies and check out the programs they are offering you. This will give you a fair idea about the program and you would understand whether you can afford it or not.
I know of a debt consolidation community - "debtconsolidationcare.com". You can visit their website and speak to their financial coach. He/she would be able to explain their programs in detail.
Feel free to ask if you have further queries.
Sussane
Welcome to forums!
In my opinion it is a good idea to consolidate your debts. You can contact few debt consolidation companies and check out the programs they are offering you. This will give you a fair idea about the program and you would understand whether you can afford it or not.
I know of a debt consolidation community - "debtconsolidationcare.com". You can visit their website and speak to their financial coach. He/she would be able to explain their programs in detail.
Feel free to ask if you have further queries.
Sussane
Few things to to keep in mind while you are int eh process fo consolidation.
If you need to close some accounts or credit cards, close the the most newest ones. If you close your oldest card, you will e loosing your length of yoru credit history.
Also if you want to pay off some cards pay the ones with the lowest balance and with the highest interest first.
If you need to close some accounts or credit cards, close the the most newest ones. If you close your oldest card, you will e loosing your length of yoru credit history.
Also if you want to pay off some cards pay the ones with the lowest balance and with the highest interest first.
This is how your credit report is made up of:
Your credit score and report is based on the following
35% is based on payment history
30% Amount you owed
15% length of history
10% New credit
10% on types of credit
As you can see 35% is payment history, and the next 30% is how much you owed. 15% is length of credit history
Your credit score and report is based on the following
35% is based on payment history
30% Amount you owed
15% length of history
10% New credit
10% on types of credit
As you can see 35% is payment history, and the next 30% is how much you owed. 15% is length of credit history
Hi navecoll,
It is always good to go for debt consolidation. There are various debt consolidation companies who helps to get rid of debt. Basically they provide an easy monthly payment plan to you and on your behalf they negotiate with your creditors and try to give you a good settlement offer. Let me tell one thing, if you go for any debt consolidation, it will have a negative hit on your credit score as you have to be delinquent for 90 to 120 days in order to get good settlement. Now it is up to you to decide which is more important for you at present scenario, credit score or to get rid of debt early? If you are going for debt consolidation then search for a good consolidation company.
All the best.
It is always good to go for debt consolidation. There are various debt consolidation companies who helps to get rid of debt. Basically they provide an easy monthly payment plan to you and on your behalf they negotiate with your creditors and try to give you a good settlement offer. Let me tell one thing, if you go for any debt consolidation, it will have a negative hit on your credit score as you have to be delinquent for 90 to 120 days in order to get good settlement. Now it is up to you to decide which is more important for you at present scenario, credit score or to get rid of debt early? If you are going for debt consolidation then search for a good consolidation company.
All the best.