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Since inforoosters are pretty informed on all sorts of issues, I was hoping some of you could help me make an informed decision. Has anyone experienced debt consolidation? I just want to know if it's worth doing or if I should just stick it out with the credit card companies and pay as much as I can each month.
I've read up on it on the internet about debt consolidation, which of course has made me wary of companies that offer debt consolidation. I think I'd rather stick with a bank. BUt I've never taken out a personal loan before, not even for a car, so I'm not even sure if a bank would offer me a good interest rate or enough to cover my debts.
If you need more info: I don't own a home or have a car payment so there's no refinancing involed. The APR is the same on all of the cards. All of my debt combined is less than $20,000.
(And I don't use the credit cards anymore, but I still have one for emergencies. I used the heck out of them in college when I had little or no income.)
If anyone has experience with debt consolidation, I'd like to hear about it. You can PM me or post here if you're comfortable with it. Thanks in advance!
I used a local company that assumes the debt for you. It was the best thing I could have done at the time. They were able to get all the interest rates knocked down to zero, and w/i three years, I had everything paid off. I'd research companies first...some of them can be a little shifty. Remember the old saying: If it's too good to be true, probably is. You should really be paying more than what your monthy payments had been, but the benefits are: no harassing phone calls, no interest, and one monthly payment instead of a bunch of bills coming all during the month.
This also had little or no effect on my credit rating. Three months after I made my final payment, I was able to get approved for a mortgage.
The more I've thought about, the more I think I'm going to stick it out on my own. The idea of taking out a loan to get out of debt doesn't make a whole lot of sense to me right now. I've come up with an affordable monthly budget that will get me out of debt in under 4 years... and still give me some money to go to Bonnaroo with!
The more I've thought about, the more I think I'm going to stick it out on my own. The idea of taking out a loan to get out of debt doesn't make a whole lot of sense to me right now. I've come up with an affordable monthly budget that will get me out of debt in under 4 years... and still give me some money to go to Bonnaroo with!
true, but you might pay far less consolidating through a lower interest loan. i wouldnt be surprised if your interest rates on those credit cards are near 20%.
local bank / credit union would be my first recourse.
It just seems that shifting my debt to another source is counter-productive. Yes, I could possibly get lower interest rates, but I could possibly get into more financial trouble. Because a loan is still a debt and someone is still going to be making money off it, whether it be a bank or a credit card company.
Post by questionablesanity on Oct 16, 2009 19:21:41 GMT -5
Personal loans are around 8.5% right now in Indiana. I transeferred a credit crd balance to personal loan and will pay it off two years faster. CHeck your rates and then check with a bank.
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