Debt consolidation reddit.

A friend of mine did debt consolidation. Some of her debt was canceled and the rest consolidated into a new loan. She couldn't use her CC to rack up any more debt. Get a 0% CC and transfer both CC balances to it and pay as much as you can each month. If you don't want a 3rd CC, pay off the highest interest card first.Call the cardholders and tell them you're struggling, and ask if there's a way to lower your interest rate or payment amount. Sometimes CCs will offer a lower rate in return for closing the card. I've done this with a couple of cards and Paypal credit. The … Step 1. Get a personal loan from a credit union. Step 2. Pay off, cancel and cut up the credit card. Step 3. Pay off the loan within 6 month to a year to rebuild any damage to your credit. Step 4. If you don't have the money for what you want then save. Stay away from credit cards. Nov 28, 2023 · The biggest advantage of debt consolidation is paying off your debt at a lower interest rate, which saves money. For example, if you have $9,000 in total debt with a combined APR of 25% and a ...

600 credit score tells us that your cards/loans are maxed out. Sorry to say, but absolutely no one will approve you for a loan, debt consolidation or otherwise. You'd need 650 at verrrry least and it would be at pretty much same 30% interest, 700 for 20% and 750 for 10%. Approx. yes, you need to be out of debt to consolidate debt. OP's income is what you're missing. There's almost 2,000 in monthly discretionary income, if his numbers above are correct. If he plowed most of that towards debt repayment, he could clear the debts inside of 5 years. And that's without going the debt consolidation route. And I’ve paid $17,000 off my auto loan (Capitol One) within 3 years with only $3,000 left. My annual income is $51,000 per year. And I’m always on time with minimal payments…I also pay in lump sums. Yes my credit score is 600…but I don’t understand why I can’t be approved for a debt consolidation loan? I just want a lower interest rate.

Some subreddit resources are r/budget and r/povertyfinance that can point you to resources for counseling and money management. Reach out to your county VSO (veteran service officer) for veteran-specific options. If there aren't any, your options would be debt consolidation or bankruptcy. Debt consolidation can be helpful but keep in mind it ...1. RexiReddit. • 4 yr. ago. Depending on the value of your car, you may be able to consolidate debt by taking a loan with your car as collateral with a reputable lender to pay off the presumably higher interest rate debt on the credit card. Your local bank might be happy to help you out at ~4% interest. 1.

If you file bankruptcy chances are you credit scores will go up. If you can settle with the creditor, they can remove the collections account off your report. I wouldn’t file bankruptcy over a $20,000 debt on a $50,000 income. The stress and damage to your credit wouldn’t be worth it. Try to reach settlements.Only other things I’ve heard, get the most products from them. Like a special easystart certificate and change your checking account to the Flagship checking. Either way the highest personal loan interest rate is 18% and depending on the term of the loan like over 36 months the lowest rate currently is 14%. Best of luck. 5. Certain_Negotiation4.I am trying to consolidate about $15000. They are an option. I would also check with local credit unions. Some credit unions are more forgiving than others, however you have to be a member. You may have to live, work or worship within a certain geographic area, some large companies have sister credit unions (such as Farm Credit Credit union, or ...Student loan debt is a part of many people’s lives due to the high cost of a college education. If you have a student loan or are planning to apply for one, make sure you understan...Feb 28, 2024 · Debt consolidation loan. A debt consolidation loan is a personal loan that’s used to combine multiple balances into a single new account. It can be used to pay off all kinds of debt — including credit card balances, medical bills and more. Unlike credit cards, which are a form of revolving credit, debt consolidation loans are installment loans.

I have a lot of credit card debt and student loan debt as well. I over over $4,000 and $5,000 with a high interest rate on two credit cards, and $1,900 on one card. I owe over $6,000 in student loans.

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Otherwise it doesn't make sense. If you give your balances and interest rates we probably could help better. Personally I like sites lendingclub.com & prosper.com and if you have decent credit can be a very good way to consolidate. You get hit with a 3%-5% origination fee but it can be a good saving depending on the rates you save.Here's my strategy for avoiding those consolidation loans entirely and paying down your credit card debt fast. Seems to be working for a lot of folks so far. Hopefully, it works for you as well. Mean-Copy. • 4 mo. ago. Go the route of personal loan with credit unions. Apply in person. 2. r/povertyfinance.Reddit's IPO could set the foundation for others going public in 2024. Here are the bank stocks that could get a big boost. ... Best Debt Consolidation …Goldman Sachs Marcus Debt consolidation loan. I was wondering if someone more financially fluent than I could help me figure out the best course of action. The situation is: $6200 in credit card debt between an AMEX and a MC, and a credit score of 748. I have the ability to pay the debt down given my current income, but doing so in a timely ...If you can get one for a lower interest rate (and without any significant fees), they're helpful so long as you've corrected whatever issue got you into debt in the first place . Note that these are the ones with a specific term that you use to pay off your other debt. The ones where you stop paying your creditors and just pay them while they ...

how to pick the best debt consolidation loan? Debt/Loans/Credit. Credit Karma keeps showing me loans and I don't know whether to choose based off of lowest …Once I married and became a two-Income household, I used inCharge for debt consolidation. I had to close out all of my accounts and they were able to negotiate amazing rates with my credit card companies on my behalf. Most had 2-3% and the highest was 10% (Discover plays hardball). My monthly fee for their service was about $50/mo …Posts all the data how much debt on cards the interest rates and post the data on the new one. Nobody can answer your question otherwise. Debt consolidation can be a good thing, but there are a lot of scammy operators out there, too. As others have said, you need to post more information for anybody to help you. There are many personal lenders for debt consolidation, but they don't approve bad credit. I can help you to get a LEGITIMATE personal loan and consolidate your debts if you have bad credit. I can give you up to $30,000, APRs 5,99% to 35,99%, no collaterals, no cosigner. Feb 28, 2024 ... Reddit · Email; Copy Link Link copied! Share ... credit and debt counseling, debt management plans, credit ... Getting a debt consolidation loan ...Denied for Debt consolidation loan 10k. Debt. I was denied for a debt consolidation loan for unverified income. I called and the representative said for me to get approved for 10k debt consolidation loan with 1099 income of 5k per month I need to have 15k in my personal account. I feel like I am being lied to about this?Looking for information on debt consolidation. I have a roughly $36k personal loan debt with CBA. I make repayments of about $1100 a month, but I get hit with $400~ in interest. I think the interest rate on the loan is about 12% and the loan is for three years. I was in a unhealthy (financially and otherwise) relationship which is why I ended ...

Loan B: $3300 with a minimum payment of $300/month, 10% interest. Sudden windfall: $1300. Dan needs to first pay $100 + $300 = $400 to make the minimum payments on loans A and B so the payments are recorded as "on time." The extra $900 can either go towards Loan A (smallest balance, snowball method) or Loan B (highest interest rate, avalanche ...

Mar 1, 2024 · Personal loan interest rates typically range from 3% to 36%. So, if you can qualify for a consolidation loan with a lower interest rate, you may be able to pay off your debt faster and at a lower ... Getty. If you’re looking to consolidate debt, you may consider using a balance transfer credit card or personal loan (i.e. debt consolidation loan ). Both …The product you're looking for is student loan refinancing. Consolidation is a term that is really only meaningful with federal loans. Also, the number of loans you have isn't relevant -- your minimum due is based on the total amount you've borrowed and the term of the loans, not their quantity. You should shop around for the best refinancing ...Here are five effective and safe ways to pay off your credit card debt: Learn how to consolidate credit card debt by refinancing with a balance transfer card, consolidating with a personal loan ...Here are five effective and safe ways to pay off your credit card debt: Learn how to consolidate credit card debt by refinancing with a balance transfer card, consolidating with a personal loan ...You want a "non for profit third party consumer advocacy group". Like you said, a number of these groups are sleazy, so you want to go with one that your bank trusts. You bank is going to work with reputable companies that aren't going to have the accounts go late or have the debt go unpaid. 1. r/personalfinance.

In a Nutshell. Debt consolidation combines multiple debts into a single new debt that you repay with one monthly payment. You may be able to do …

Debt consolidation companies do not provide only loans, there are usually multiple options. Many negotiate lower rates with creditors and you will send their company a monthly payment which will be distributed among the debts. Look into Money Management International, and their "Debt Management Plan." r/personalfinance.

Here is a list of my debts that I would like to consolidate. As you can see, I’ve never been able to knock a dent in any of these because the interest rates are insane. …Feb 23, 2024 ... Investors getting their first look at Reddit's financials noticed a focus on AI monetization in its IPO filing ... Best Debt Consolidation Loans ...7.8% - 35.99%. Loan purpose. Debt consolidation, credit card refinancing, wedding, moving or medical. Loan amounts. $1,000 to $50,000. Terms. 36 and 60 months ...Best debt consolidation loans. Best for student loan consolidation: SoFi. Best for people without a credit history: Upstart. Best for low credit scores: Achieve. Best for flexible repayment terms ...If you think that scandalous, mean-spirited or downright bizarre final wills are only things you see in crazy movies, then think again. It turns out that real people who want to ma...Posts all the data how much debt on cards the interest rates and post the data on the new one. Nobody can answer your question otherwise. Debt consolidation can be a good thing, but there are a lot of scammy operators out there, too. As others have said, you need to post more information for anybody to help you.The National Association of Realtors has agreed to a landmark settlement that would eliminate real estate brokers' long-standing commissions, …There is something to be said for Happy Money’s emphasis on credit card debt consolidation, as the company can focus on doing one thing well. Home Reviews If your high-interest cr...600 credit score tells us that your cards/loans are maxed out. Sorry to say, but absolutely no one will approve you for a loan, debt consolidation or otherwise. You'd need 650 at verrrry least and it would be at pretty much same 30% interest, 700 for 20% and 750 for 10%. Approx. yes, you need to be out of debt to consolidate debt.A family member signed up with National Debt Relief. It is a terrible idea. They are not really dishonest, but what they do totally ruins your credit for about 7 years, and you still pay almost all of your debts. If you are truly in dire straits, I believe bankruptcy is …If you can’t work out a plan with your lender, contact a non-profit housing counseling organization. Reach a free, HUD-certified counselor at 800-569-4287. Also, contact your local Department of Housing and Urban Development office or the housing authority in your state, city, or county.Debt consolidation (best methods, is it worth it) Dug into quite a hole, have never missed a payment but have about $20k in credit card debt (23-26% APR) across a number of cards. Income after taxes (and 15% employee stock purchase program) is $3400 a month.

Debt consolidation usually requires you to default on all of your CCs so they can go into collections so they can negotiate a lower fee. And then charge you a % of that lower fee. Let's say your 25k debt goes into collections, they will negotiate it down to $14k but charge you a 25% fee (plus interest in some cases) so you'll end up paying $17 ...The product you're looking for is student loan refinancing. Consolidation is a term that is really only meaningful with federal loans. Also, the number of loans you have isn't relevant -- your minimum due is based on the total amount you've borrowed and the term of the loans, not their quantity. You should shop around for the best refinancing ...If you’ve got an enormous amount of college debt, student loan consolidation might help make it more manageable. Find out if consolidation is the right fit... Get top content in ou...There is something to be said for Happy Money’s emphasis on credit card debt consolidation, as the company can focus on doing one thing well. Home Reviews If your high-interest cr...Instagram:https://instagram. fascia repairpiscataway shopriteit jobhow to find people by phone number If you think that scandalous, mean-spirited or downright bizarre final wills are only things you see in crazy movies, then think again. It turns out that real people who want to ma...Loan amounts range from $1,000 to $40,000 and loan term lengths range from 24 months to 60 months. Some amounts, rates, and term lengths may be unavailable in certain states. For Personal Loans ... table creammaytag dishwasher not draining komark-. MOD. I'm about $25k in CC debt - is consolidating the right move? Debt. As the title suggests, I got a little carried away with my Credit Card usage for one reason or another. I could really use some r/personalfinance advice because I am clearly too stupid for my own good. CC1: $14,500 - 23% APR. CC2: $3,800 - 22.25% APR. Unlike Twitter or LinkedIn, Reddit seems to have a steeper learning curve for new users, especially for those users who fall outside of the Millennial and Gen-Z cohorts. That’s to ... plumbers santa cruz Debt consolidation combines multiple debts into a single new debt that you repay with one monthly payment. You may be able to do this with a debt consolidation loan, balance transfer credit card or home equity loan. Debt consolidation can simplify your finances and may even help save you money. But because you’re opening a new …Debt consolidation can help you get multiple monthly payments under control by turning them into one single, predictable payment. But debt consolidation isn’t a get-out-of-debt-free card — you’ll need to have good spending habits to stay debt-free. Editorial Note: Intuit Credit Karma receives compensation from third-party advertisers, …Unlike Twitter or LinkedIn, Reddit seems to have a steeper learning curve for new users, especially for those users who fall outside of the Millennial and Gen-Z cohorts. That’s to ...