Question by honhill: Bank loan or debt consolidation program for credit card payoff? Due to a family tragedy, my husband and I are currently in $ 26,000 of credit card debt. All of the payments are current and the cards are paid on time with the accounts still open (we are not still charging, though). We are looking to seriously pay this down before the interest eats us alive. My husband wants to take out a bank loan and pay the cards off that way, but I am wondering about the debt consolidation programs you hear about (I know some of those are scams and some are real). Any advice or experience? Best answer for Bank loan or debt consolidation program for credit card payoff?:
Answer by gregory_dittman
They may be the same thing. First look at the fine print on your credit card. Some credit cards will have a penalty of paying to much to soon. If that's not there, then you probably want a bank loan. Again, you might have a penalty of payng the bank back too soon. The bank may loan you money for less than a debt consolidaton company. If you can't get a bank loan, then you could alway try a debt consolidation company.
Answer by CanadianDots.ca
A consolidation loan is the ideal solution based on info provided. The interest rate will be lower than credit cards are charging, the minimum monthly payment would be less and you could probably double up on the monthly payments in order to reduce the effective rate and settle the debt quicker. A consolidation loan will not hurt your credit rating. If you do not qualify for a full consolidation go for as much as possible and resolve outstanding high rate cc debt as soon as possible. Debt consolidation programs are often registered on your credit report and should not be used unless you can not resolve the problem on your own. Entering into a debt consolidation program should be a last resort.
Answer by Steve R
A bank loan will require some form of collateral, like a house. If you can't pay the loan, you lose the house. Debt consolidation will trash your credit score. You are better off negotiating with each credit card. Mention to them that you may have to declare bankruptcy due to the high rate and could they lower the rate. In most cases, they would do that.
Answer by dakeen forx
If a person has accumulated a large amount of credit card debt due to multiple credit cards, the need for a proper counseling for credit card debt consolidation can't be understated. Credit card debt consolidation counseling helps a person get vital insights into the facts that can help him get control over the credit card debt. Credit card debt consolidation counselors are experts with a good knowledge of debt management, budgeting and behavioral patterns of credit card holders. These services are vital for those struggling to manage their credit card debts. Also called credit counseling or debt counseling the credit card debt consolidation counseling brings immediate relief to a credit card holder. A person seeking credit counseling can get it from two types of organizations. The professional or commercial organizations, and the non-profit organizations. As depicted by its name or categorization, the commercial organizations charge money for their credit counseling sessions and consolidation help on the other hand the non-profit organizations offer free of charge services. Just because the non-profit organizations are free, it doesn't undermine their quality of service. The persons associated with such organizations are thorough experts and have lived the trauma of being under credit card debt themselves and hence bring their vital experience to the credit card holder. Read more from: http://www.credit-card-gallery.com/article/353,Credit_card_debt_consolidation_and_credit_counseling_great_tools_to_get_rid_of_credit_card_debt
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Debt consolidation is an arrangement where one finance company takes over all your current debts. It means bringing multiple debts together and combining them into one easy payment. Debt consolidation program involves regular payments at a rate you can afford to pay so that your debt will be paid off quicker. It has become serving hand for people who find it complex to pay off their debts.
Debt Consolidation program provides a secured loan against any asset which is provided as collateral, most commonly a house. When you select for a debt consolidation plan it allows a lesser interest rate, because by collateralizing, the asset owner is permitted to sell the asset to pay back the loan. Once you register with a debt consolidation company, a debt counselor counsel you and give advise to control the debts.
Debtors with possessions such as a home or car may get a lower rate through a tenable loan using their property as collateral.
The counselors delineate your payment options, your debt management fees, and the exact services you can anticipate from the company. Once a negotiation is reached, you will pay the Consolidation Company an agreed monthly payment, and the counselor forwards the payments to your creditors.
Debt consolidation makes your unsecured debt much easier to pay off, as you'll be making just one payment every month. Debt consolidation is provided for debts including student loans, credit card debt, and vehicle loans. When a debt consolidation company finds a debtor in a danger of bankruptcy advice, the companies buy the loan at a discount. As your payments are made and your overall debts are reduced, your credits score increases and it will probably cost you a lot less per month than that you are paying today.
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