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Started By
Message
Say you were to "give up" and go with debt consolidation?
Posted on 7/25/16 at 1:21 pm
Posted on 7/25/16 at 1:21 pm
What is the best company if any? And best options?
Currently doing Dave Ramsey snowball. Chipping away, but it is just too slow, and the simplicity of one lump payment appeals to me.
Debt amount is north of $50,000.
It is disgusting, and the wife and I are struggling. We know we are pathetic, and are ready to take our medicine. Credit rating taking a ding does not concern me too much. I do not feel we deserve good credit at this point.
Again, if you guys were going to go this route, which would you take? I'd love a personal loan, but the amount is only 30-35K at this point.
Are all debt consolidation companies scams?
IB4 "you suck" and "you are what is wrong with this country". You cannot beat me up more than my wife and I are already beating ourselves up.
Currently doing Dave Ramsey snowball. Chipping away, but it is just too slow, and the simplicity of one lump payment appeals to me.
Debt amount is north of $50,000.
It is disgusting, and the wife and I are struggling. We know we are pathetic, and are ready to take our medicine. Credit rating taking a ding does not concern me too much. I do not feel we deserve good credit at this point.
Again, if you guys were going to go this route, which would you take? I'd love a personal loan, but the amount is only 30-35K at this point.
Are all debt consolidation companies scams?
IB4 "you suck" and "you are what is wrong with this country". You cannot beat me up more than my wife and I are already beating ourselves up.
16
Posted on 7/25/16 at 1:23 pm to LSU alum wannabe
How much right now are your monthly payments VS what would they be if you consolidate?
Posted on 7/25/16 at 1:24 pm to LSU alum wannabe
quote:
and the simplicity of one lump payment appeals to me.
Just set what you currently have up for auto payments of whatever amount you need to pay it down at the rate you want to. Shouldn't take more than a couple hours to figure that out and set it up, then you never deal with it again.
Posted on 7/25/16 at 1:30 pm to LSU alum wannabe
You're taking your medicine now. I feel you. When I was working my way out of debt I hated the sight of my credit card bill from college simply because I'd had it forever. Even though the payment was only like $100 a month. I just hated having to pay all these different little debts I had hanging around.
What do you feel like you'll gain other than just paying one note? Will it be a significantly lower payment per month? Are you in danger of losing your home or having more damage if you don't consolidate.
What do you feel like you'll gain other than just paying one note? Will it be a significantly lower payment per month? Are you in danger of losing your home or having more damage if you don't consolidate.
Posted on 7/25/16 at 1:30 pm to Coach Guidry
quote:
How much right now are your monthly payments VS what would they be if you consolidate?
don't really know? I mean, say $1800 a month? I do not know what a debt consolidation note would be? Obviously would not put myself in a worse monthly situation. So if the number is unfeasible? It's unfeasible.
Really just looking for info on any personal success with companies or a loan option?
Posted on 7/25/16 at 1:33 pm to LSU alum wannabe
What type of debt are we talking here? All credit cards? Cars? Other loans? Need more info. List all the debt amounts, type, and their interest rates for some better feedback.
Generally speaking, the fact that it's "too slow" is just reality. Lumping it all together is not going to speed things up unless you are able to lower the interest rates. Again, we need some more info here.
Are you saying this is the max you'd quality for? What are the terms of this personal loan? It may make sense to consolidate part of the debt this way and aggressively pay off the rest. Again, more info needed.
Do you have any home equity? I generally don't like that route, because people often just "clean the slate" and then rack up more debt again... But, interests rates are extremely low, so if one is able to be disciplined it can be a advantageous route.
Generally speaking, the fact that it's "too slow" is just reality. Lumping it all together is not going to speed things up unless you are able to lower the interest rates. Again, we need some more info here.
quote:
I'd love a personal loan, but the amount is only 30-35K at this point
Are you saying this is the max you'd quality for? What are the terms of this personal loan? It may make sense to consolidate part of the debt this way and aggressively pay off the rest. Again, more info needed.
Do you have any home equity? I generally don't like that route, because people often just "clean the slate" and then rack up more debt again... But, interests rates are extremely low, so if one is able to be disciplined it can be a advantageous route.
Posted on 7/25/16 at 1:34 pm to BeerMoney
quote:
What do you feel like you'll gain other than just paying one note?
This.
quote:
Will it be a significantly lower payment per month?
If this does not occur, then a consolidation is a no-go.
quote:
Are you in danger of losing your home or having more damage if you don't consolidate.
No. It is not that bad. We would have to do something utterly stupid and make it worse to be in that situation.
Our issue is we are just going nowhere.
Posted on 7/25/16 at 1:35 pm to LSU alum wannabe
You said it was north of $50k then you said only 30-35?
If you are deeply in debt, the last thing you want is bad credit because that is going to affect your interest rate and make it more expensive and longer to pay off.
$50k is not that much, almost everyone could sell off most of their unnecessary stuff they own, sell their vehicles and buy cheaper ones, and work a night job to have that paid off in under 1 year.
Debit consolidation rarely makes any sense, you are looking to pay a third party money in order to make an unnecessary consolidation. 20 years ago when you had to mail in your checks that's one thing, but with automatic payments there is no point.
If you are deeply in debt, the last thing you want is bad credit because that is going to affect your interest rate and make it more expensive and longer to pay off.
$50k is not that much, almost everyone could sell off most of their unnecessary stuff they own, sell their vehicles and buy cheaper ones, and work a night job to have that paid off in under 1 year.
Debit consolidation rarely makes any sense, you are looking to pay a third party money in order to make an unnecessary consolidation. 20 years ago when you had to mail in your checks that's one thing, but with automatic payments there is no point.
Posted on 7/25/16 at 1:40 pm to TigerDeBaiter
quote:
All credit cards?
Yes.
quote:
Lumping it all together is not going to speed things up unless you are able to lower the interest rates. Again, we need some more info here.
This is what I am (sort of) asking here. What are the rates? Let say my interest rates average 12--14%? Again these are all credit card debts. Been doing the snowball thing with credit card gymnastics and rolling them into zero interest cards. But eventually even those dry up.
quote:
Are you saying this is the max you'd quality for?
Last I checked, this was the max amount that would be loaned. Unless of course a purchase, be it car or home improvement. Again 30-35K was the highest offer I ever saw.
quote:
Do you have any home equity? I generally don't like that route, because people often just "clean the slate" and then rack up more debt again... But, interests rates are extremely low, so if one is able to be disciplined it can be a advantageous route.
Scares me. I feel the house is the only thing we have done right? Paying it down, refinance, ridding PMI.
Posted on 7/25/16 at 1:40 pm to baldona
quote:
$50k is not that much, almost everyone could sell off most of their unnecessary stuff they own, sell their vehicles and buy cheaper ones, and work a night job to have that paid off in under 1 year.
In what world can almost everyone pay off $50k in debt when the US median for annual household income is around $60k?
OP, the only debt consolidation that's worth it is a HELOC if you own your home and have the equity. Not even sure I'd recommend it, but at least you can deduct the interest on your tax return, and it could potentially lower the interest rate(s) on the outstanding balances.
Posted on 7/25/16 at 1:43 pm to baldona
quote:
You said it was north of $50k then you said only 30-35?
Yes. Debt is north of 50. The most I've seen offered in a personal loan was 30-35K.
quote:
$50k is not that much,
Good to hear.
Nice to know that some are stupider. quote:
sell their vehicles and buy cheaper ones,
Vehicles are nearly paid. One is paid off.
Posted on 7/25/16 at 1:47 pm to LSU alum wannabe
Somebody correct me, but doesn't debt consolidation give you the same credit ding as bankruptcy, except with none of the benefits of bankruptcy?
Posted on 7/25/16 at 1:49 pm to The Spleen
quote:
the only debt consolidation that's worth it is a HELOC
Read that these are "variable"? I would not want an interest rate change. Also, how much are the fees of the loan upfront?
Also, housing values here in Katy are high? I worry that the values are on a bubble though? How does that effect the loan?
This post was edited on 7/25/16 at 1:53 pm
Posted on 7/25/16 at 1:52 pm to The Spleen
quote:
In what world can almost everyone pay off $50k in debt when the US median for annual household income is around $60k?
Um first off you sell all your crap you are in debt for. Sell your cars, how many people don't have $20k in cars? Almost everyone has at least that much, sell them and buy two $2500 beater hondas or Toyatas. That's at least $15k right there. How many toys does everyone have? Boats, RV, kayak, Bikes, etc. Who can't sell extra stuff for $5-10k? Almost everyone.
Like I said, bust your butt and work OT or find a second job on nights and weekends and almost everyone can get out of $50k in debt in a year if they really want to. The only question is are you willing to change your lifestyle so much for 1 year you want to do that? Its not easy at all.
I'm not saying $50k is not a lot of debt, it is. It is a lot of money. But most people that are that in debt also have a ton of crap they can sell off or sell to stop their payments to get out of debt.
As the OP said, how much are your cars worth? Driving a beater car is not easy, but its a lot easier than stomaching a bunch of debt.
Posted on 7/25/16 at 1:56 pm to baldona
quote:
Driving a beater car is not easy, but its a lot easier than stomaching a bunch of debt.
Beaters need maintenance? that's what always worries me.
Posted on 7/25/16 at 1:58 pm to LSU alum wannabe
quote:
Read that these are "variable"? I would not want an interest rate change. Also, how much are the fees of the loan upfront?
Also, housing values here in Katy are high? I worry that the values are on a bubble though? How does that effect the loan?
I got a HELOC this year to purchase a rental property that I then turned into a mortgage on the property. My HELOC rate is 2.2% for the first year and my only cost was the appraisal which was $400. It is variable after the first year going to 3.49% but after that I think it can only go up by 1% a year or something. I can also lock it in after the first year. None of that applies to me.
A Heloc or 2nd mortgage is a great way to lower interest rates as the collateral of your home will usually allow banks to give you lower rates.
Posted on 7/25/16 at 1:58 pm to Cold Cous Cous
quote:
Somebody correct me, but doesn't debt consolidation give you the same credit ding as bankruptcy, except with none of the benefits of bankruptcy?
No sir. It does not show up on a credit report as a negative.
Posted on 7/25/16 at 2:00 pm to LSU alum wannabe
quote:
Currently doing Dave Ramsey snowball. Chipping away, but it is just too slow, and the simplicity of one lump payment appeals to me.
It will pick up speed before you know it.
quote:
Are all debt consolidation companies scams?
If you keep in mind they are jointly funded by the credit card companies to keep people from ending up in Chapter 7 or 13 so that they get "something" - and you're okay with that, then find one with good BBB reviews and hope for the best. From my own experience folks end up happier with a Chapter 7 or Chapter 13 lawyer than with a debt consolidation company.
If you're not really insolvent, I would work the debt snowball. If you are, I would declare bankruptcy.
Posted on 7/25/16 at 2:01 pm to LSU alum wannabe
quote:
Beaters need maintenance? that's what always worries me.
$400 or $500 a month maintenance? Every month for years and years?
Posted on 7/25/16 at 2:08 pm to Ace Midnight
quote:
$400 or $500 a month maintenance? Every month for years and years?
One car is paid off and the second only has a year, so I don't see this as feasible.
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