Debt Consolidation in BR?
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Debt Consolidation in BR?
Posted by Modern on 12/8 at 6:02 pm
Im trying to help my fiance' out with some debt she racked up over the years, and it seems like the only way that we could get out of it is Debt Consolidation. Shes almost at a breaking point with the collection calls and letters.

I was googling info about it b/c i dont really know much about it.

Can someone give me cliffs on it, and recondmend a legit company to go through in BR to get it taken care of?



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Posted by drewnbrla on 12/8 at 6:46 pm to Modern
How much debt? What's her income?


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Posted by Modern on 12/8 at 6:48 pm to drewnbrla
Off the top thinking $6,000 in debt total with $30,000 annual income

She was making more a year, but her job cut salaries almost in half earlier this year.



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Posted by Cajun Revolution on 12/8 at 6:53 pm to Modern
$6,000? Dude, that is no way worth going to a debt consolidation or a debt agency. Cut that broad a check. That crap stays on her credit report.

This post was edited on 12/8 at 6:54 pm

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Posted by TigerTatorTots on 12/8 at 6:53 pm to Modern
quote:

She was making more a year, but her job cut salaries almost in half earlier this year.

Sounds like she needs to find a new job



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Posted by Modern on 12/8 at 7:01 pm to TigerTatorTots
She's looking


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Posted by TigerTatorTots on 12/8 at 7:30 pm to Modern
Oh wow, I just realized you said she has 6K in debt...why the hell do you need a debt consolidator? Cut back on everything for 6 months, or just write her a check.


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Posted by Zilla on 12/8 at 7:56 pm to Modern
I have some contacts that offer free credit counseling... a legit community service offered by a local credit union ... let me know if you want me to leave my email so you can get more info...


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Posted by Modern on 12/8 at 9:59 pm to Zilla
Yes, that would be cool


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Posted by LSUSUPERSTAR on 12/8 at 10:06 pm to Modern
My wife and I had a large amount of debt when we finished school and managed to get it under control ourselves. No offense, but $6k is nothing. What type of debt? Maybe I can offer some suggestions.


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Posted by Modern on 12/8 at 10:24 pm to LSUSUPERSTAR
Credit cards


She was paying on them very well until her pay cut kicked in.



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Posted by wegotdatwood on 12/8 at 10:41 pm to Modern
6k isn't bad at all. My parents got out of 175k in debt in 5 years at the start of 2012. They both worked 4 jobs to do so. It sucked for everyone in the family. Couldn't be more proud of them.


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Posted by Cajun Revolution on 12/9 at 12:06 am to Modern
Getting out of CC debt is possible and I wouldn't recommend any debt agencies. I had CC debt of $18,000 that I recently paid off. I thought it could never be done but its possible. Just takes a strict commitment.

I downgraded my vehicle, cut cable, cut random spending, quit racking up bar tabs for a year but it worked. I cut $350 from my budget just making lifestyle changes that went straight to CC payments. If I can do it, there is hope for everyone.



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Posted by Modern on 12/9 at 9:36 am to Cajun Revolution
How long did it take you to clear them all out?


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Posted by saving$ on 12/9 at 9:44 am to wegotdatwood
quote:

My parents got out of 175k in debt in 5 years at the start of 2012. They both worked 4 jobs to do so. It sucked for everyone in the family.


That's impressive. Congrats




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Posted by Golfer on 12/9 at 9:56 am to wegotdatwood
quote:

My parents got out of 175k in debt in 5 years at the start of 2012


Mortgage included?



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Posted by saving$ on 12/9 at 10:19 am to Modern
quote:

Off the top thinking $6,000 in debt total with $30,000 annual income



She does not need a debt consolidation, she needs a budget with a plan.

Point her to some personal finance blogs.

A few of my favs include:
punchdebtintheface
2millionblog
freemoneyfinance




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Posted by LSUSUPERSTAR on 12/9 at 10:33 am to Modern
Are the cards closed or is she still using them? We each had one through Bank of America that we were behind on. They let us close them down and reduced the rate from 30% to 5.75% on mine (7.75% on hers) on a 5 yr payment plan. June 2013 will make yr 4 and we will have them paid off. Swimming in debt is no fun, but we are managing it a lot better now. Hope this helps in someway.


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Posted by Modern on 12/9 at 1:20 pm to LSUSUPERSTAR
They are closed

I'm gonna make her check out those blogs



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Posted by Zilla on 12/9 at 1:22 pm to Modern
lsucity-1 at yahoo


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