Is debt consolidation really the answer? ?

Debt Consolidation
I currently have a student loan, car loan, four department store credit cards, and three credit cards from various companies (Capital One, MBNA, and Bank of America Visa). I owe about $8,500 collectively on all my debt and my payments are well over $600/mo. I’m starting to think I can’t afford it anymore. Do you think I qualify for debt consolidation? I just don’t want to get in a position where I can’t pay my debt. I need help.
June 27, 2007 | Tags: , , , | 1 Comment »

Debt Consolidation – or is it not what I think?

Debt Consolidation
I do have a substantial amount of money in “debt”. Granted, with savings equalling almost all that I owe, it’s not a “huge deal”. However, I got an offer for a loan to pay off all my bills. While the payments would go on longer, it would make all my debt into one payment. It’s a Bank of America loan. Is this the same thing as “debt colnsolidation”? If so, should I just tuck tail and run?
April 6, 2007 | Tags: , , , | 6 Comments »

Is a Debt Consolidation loan a good idea?

Debt Consolidation
Ok my husband and i are trying to get out of debt! We **** that we are in so much debt and we want to eliminate it as soon as possible. We DONT have a lot of money so its not that easy. I just wanted peoples opinions on whether or not we should try to get a debt consolidation loan. We currently have approx $50,000 in debt.

$26000- 2 vehicle loans
$12,00-2 personal loans
$12,000-Credit Cards

What is the BEST way to eliminate this debt?? I know paying more on everything per month can really help but unfortunatly we dont have THAT much more that we can pay towards everything. We are young and accrued all this debt a few years ago. We realized we were really stupid for doing this and we have learned our lesson. Now how do we get out?

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March 5, 2007 | Tags: , , , | 6 Comments »