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How does the whole credit card consolidation process work?

Is there a debt consolidation company out there that isnt just for credit card debt?

  • Here's the story, my ex helped put me into debt which i was paying off slowly but surely, and then i ran into murphy's law and needed repairs done on my car and such. My mother....the devil....told me shed pay it all off with some inheritance money or savings that she had. She paid everything off and we made an account for me to put money into when there was extra after my bills were paid. Its becoming an issue that she's needing the money when i don't have much extra to give her. I work full time, I even opened my own Business. I don't have any other options other than some sort of loan. My credit sucks and I'm sure i cant get a bank loan. Does anyone out there know of a Debt Consolidation company that can take care of personal debt in order to pay back my mom and owe someone else completely? That would be great...thanks!!

  • Answer:

    If you are having problems paying off a credit card or with other debts, http://debtreliefreviews.net/ has a lot of good information on debt consolidation and ways to help with debt problems.

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If your credit is bad then it will be very difficult. if you have collateral then try getting a personal loan.

Cons Get Into More Debt. It may be tempting to continue to use the credit cards that you've paid off. This is one of the reasons why debt consolidation is not a cure for credit problems. In fact, it could actually make problems worse, by allowing a person to get into more debt than they started with. May Cost More Overall. Even though the monthly payments and interest rate might be lower, you can end up with a longer-term loan in which you end up paying more interest in the long run. May Take Longer to Pay Off. If you don't end up using the extra monthly savings to pay off your loan (and perhaps even if you do), it could take you longer to get out of debt. Could Lose Your Home. If you go the route of a home equity loan, the lower interest rate that comes from listing your home as security might not be that beneficial if you default on your loan and lose your home. One Payment. In some cases, it can be beneficial to pay off smaller loans with higher-interest rates first. You don't have that option if you've lumped all your debt into a single loan. May not Qualify for a Loan. It's possible that with so much debt, you may not qualify for an additional loan. Or, if you do qualify, the interest rate might be high. Disreputable Debt Consolidation Companies. Not all non-profit debt consolidation services are looking out for your best interests. Make sure you read Debt help that isn't - some companies may be downright scams. /

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