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Miami (FL) Fan
****The Cult of Personality****
Member since May 2011
7944 posts
| Debt Consolidation in BR? (Posted on 12/8/12 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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drewnbrla 
LSU Fan
Baton Rouge
Member since Mar 2011
864 posts
| re: Debt Consolidation in BR? (Posted on 12/8/12 at 6:46 pm to Modern)
How much debt? What's her income?
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Modern
Miami (FL) Fan
****The Cult of Personality****
Member since May 2011
7944 posts
| re: Debt Consolidation in BR? (Posted on 12/8/12 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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CajunRevolution
LSU Fan
Member since Apr 2009
28816 posts
| re: Debt Consolidation in BR? (Posted on 12/8/12 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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TigerTatorTots
LSU Fan
The Rec, Middle Courts- retired
Member since Jul 2009
58695 posts
| re: Debt Consolidation in BR? (Posted on 12/8/12 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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Modern
Miami (FL) Fan
****The Cult of Personality****
Member since May 2011
7944 posts
| re: Debt Consolidation in BR? (Posted on 12/8/12 at 7:01 pm to TigerTatorTots)
She's looking
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TigerTatorTots
LSU Fan
The Rec, Middle Courts- retired
Member since Jul 2009
58695 posts
| re: Debt Consolidation in BR? (Posted on 12/8/12 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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Zilla
LSU Fan
Friendswood, TX
Member since Jul 2005
9580 posts
| re: Debt Consolidation in BR? (Posted on 12/8/12 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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Modern
Miami (FL) Fan
****The Cult of Personality****
Member since May 2011
7944 posts
| re: Debt Consolidation in BR? (Posted on 12/8/12 at 9:59 pm to Zilla)
Yes, that would be cool
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LSUSUPERSTAR
LSU Fan
Arlington, TX
Member since Jan 2005
8752 posts
| re: Debt Consolidation in BR? (Posted on 12/8/12 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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Modern
Miami (FL) Fan
****The Cult of Personality****
Member since May 2011
7944 posts
| re: Debt Consolidation in BR? (Posted on 12/8/12 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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wegotdatwood 
Arkansas Fan
Member since Aug 2009
14155 posts
| re: Debt Consolidation in BR? (Posted on 12/8/12 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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CajunRevolution
LSU Fan
Member since Apr 2009
28816 posts
| re: Debt Consolidation in BR? (Posted on 12/9/12 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 $350 from my budget just making lifestyle changes that went straight to CC payments. If I can do it, there is hope for everyone.
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Modern
Miami (FL) Fan
****The Cult of Personality****
Member since May 2011
7944 posts
| re: Debt Consolidation in BR? (Posted on 12/9/12 at 9:36 am to CajunRevolution)
How long did it take you to clear them all out?
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saving$
LSU Fan
Member since Nov 2012
34 posts
| re: Debt Consolidation in BR? (Posted on 12/9/12 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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Golfer
LSU Fan
Coral Bay, St. John, USVI
Member since Nov 2005
48141 posts
| re: Debt Consolidation in BR? (Posted on 12/9/12 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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saving$
LSU Fan
Member since Nov 2012
34 posts
| re: Debt Consolidation in BR? (Posted on 12/9/12 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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LSUSUPERSTAR
LSU Fan
Arlington, TX
Member since Jan 2005
8752 posts
| re: Debt Consolidation in BR? (Posted on 12/9/12 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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Modern
Miami (FL) Fan
****The Cult of Personality****
Member since May 2011
7944 posts
| re: Debt Consolidation in BR? (Posted on 12/9/12 at 1:20 pm to LSUSUPERSTAR)
They are closed
I'm gonna make her check out those blogs
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Zilla
LSU Fan
Friendswood, TX
Member since Jul 2005
9580 posts
| re: Debt Consolidation in BR? (Posted on 12/9/12 at 1:22 pm to Modern)
lsucity-1 at yahoo
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