Consolidating

[Omar_MSP]

fixed my credit problem, i have outstanding credit now. so whats the best path to take to consolidate your debts?

i don't have that many debts, just my car, school loans... thats it really.

so i was thinking, get one of those Amex Cards and payoff everything i owe with a low interest rate... or take another route?

[BradC]

Your student loan should be a low-ass rate, so no point in consolidating that.

Your car shouldn't be that bad either, if you bought it new. When these cars came out, rates were great.

What are your APR's on your debts?

The best thing is to pay as much as you can everymonth on your highest APR debt. Once that is payed off, keep paying that much but on your next highest APR, etc, etc. Its called "snowball method", or something along those lines.

If your APR's are low enough that you can get a better return by investing, then invest.

[CHAOS]

i had/have a sizable amount of CC debt... i went to citadel and got a consolidation loan... its been working out well so far.

[grimm]

Originally Posted by BradC

The best thing is to pay as much as you can every month on your highest APR debt. Once that is payed off, keep paying that much but on your next highest APR, etc, etc. Its called "snowball method", or something along those lines.

I agree and followed this method myself. Paid off all my credit cards within months.

[Njsurfrgurl]

Just watch the credit card consolidations...they show up on your credit report when you go to finance or re-finance a car or take out a home loan. I did it in college because well i was in major debt cause of books and design supplies. The best thing to do if you can is to get a credit card to throw all your other credit cards on (with the lowest interest rate you can) and pay just one payment on there. I had a hard time getting a low car loan because the consolidation showed up on my report. So I got the best rate i could then re financed my car to get a lower rate.
Keep a college loan (just make sure you consolidate those with sallie mae or someone) they are uber low rates and your gonna have em a while if your in the atypical college boat like me....60 grand in loans for 6 yrs of school whoops lol
But pay as much as you can on your cards...you might have to do without the nice things but worth it in the end

[Omar_MSP]

Originally Posted by CHAOS

i had/have a sizable amount of CC debt... i went to citadel and got a consolidation loan... its been working out well so far.

that was my next move. because i just payed off a personal loan i had last week with them. i wanted to go see if i could refinance my car with them.

my car (2 years 6 months ago) i had to buy it jointed with my sister. its probably 12% or something, i forget. but i'm trying to lower that.

my sallie mae is low so i won't mess with that.

ummm im trying to think what else...

oh yea, i forgot, i have this dell account in which i bought my computer last year... thats like $1800 which is $60 a month @ 30% apr, i'm def going to consolidate that.

[OptiCon]

I just Pwnd my bank over one of those "pre-approved low APR check" offers linking to one of my credit cards.

I payed off the credit card in full then put the exact balance back ON the card with the low APR checks, then maxxed the card paying off one of my 10%APR loans. After the 3% usage fee it too my debt from went $6,000 @ 10-13% apr between two loans to $6,180 @ 3% on one credit card. It took my minimum payments from over $100 a month down to $20 a month and saved me a few thousands in interest over the next few years.

Score.


It's not fun being in debt... but that hasn't stopped me from being damn good at it.

[BradC]

Originally Posted by Omar_MSP

that was my next move. because i just payed off a personal loan i had last week with them. i wanted to go see if i could refinance my car with them.

my car (2 years 6 months ago) i had to buy it jointed with my sister. its probably 12% or something, i forget. but i'm trying to lower that.

my sallie mae is low so i won't mess with that.

ummm im trying to think what else...

oh yea, i forgot, i have this dell account in which i bought my computer last year... thats like $1800 which is $60 a month @ 30% apr, i'm def going to consolidate that.

First things first, pay that Dell loan off. Can you pay it off early w/out any penalties? How much do you still owe on it? Instead of taking out a loan to pay it, bite the bullet, cut your expenses and do it with the money you already earn.

If all you have is your car, dell, and student loans, why get a consolidation loan? What would the APR be on one for you?

Is the car in your name? If not, can you get a loan at a lower APR to buy it off of your sister?

How much do you own on your car?

You would be suprised how quickly you can knock **** down if you really, really put some time into it.

[Omar_MSP]

Originally Posted by BradC

First things first, pay that Dell loan off. Can you pay it off early w/out any penalties? How much do you still owe on it? Instead of taking out a loan to pay it, bite the bullet, cut your expenses and do it with the money you already earn.

If all you have is your car, dell, and student loans, why get a consolidation loan? What would the APR be on one for you?

Is the car in your name? If not, can you get a loan at a lower APR to buy it off of your sister?

How much do you own on your car?

You would be suprised how quickly you can knock **** down if you really, really put some time into it.

no penalties

car is in my name

i owe enough to want to refinance

I'm going today with my dad to see if i can get a higher paying job. i hate my job, even with my promotion. if you guys only knew lol, i almost killed someone saturday if it wasn't for my supervisor to stop me lol.

[BradC]

Originally Posted by Omar_MSP

no penalties

car is in my name

i owe enough to want to refinance

I'm going today with my dad to see if i can get a higher paying job. i hate my job, even with my promotion. if you guys only knew lol, i almost killed someone saturday if it wasn't for my supervisor to stop me lol.

Well then , first thing is get that Dell out of the way. That is a rediculous APR.

Second thing, is not buy **** at such a high APR in the future.

Good luck on your job hunt!!

[Scapegoat]

I need to refinance my car. But my credit is in the ****ter due to a number of "severe delinquent payments" ie...6-12 months...I've paid off most of those... I think I had two left...

I've only ever missed a month on my car, according to the free credit report.

I'd really like to cut down on the 16.*% apr it rocks...buying a car with no credit and my mom as a cosigner with bad credit (due to owning a business)

[piknockout]

First off, the interest you're paying on the school loan is a tax deduction and I'm sure has a low rate. Make sure you're taking advantage of that on your taxes, leave it alone.

Sounds like you're getting raped a bit on the car loan, definitely try and get it refinanced as I'm sure you can get a lower rate, especially if your credit has improved.

As stated, get that Dell paid off, even if it isn't a large amount of money...especially at that interest rate.

I'm also assuming you don't own a home, otherwise a nice tax decuctible home equity loan would work nicely.

Josh - Two car loans and a mortgage in debt.

[Omar_MSP]

Originally Posted by Scapegoat

I need to refinance my car. But my credit is in the ****ter due to a number of "severe delinquent payments" ie...6-12 months...I've paid off most of those... I think I had two left...

I've only ever missed a month on my car, according to the free credit report.

I'd really like to cut down on the 16.*% apr it rocks...buying a car with no credit and my mom as a cosigner with bad credit (due to owning a business)

damn sucks man, i was wrongfully accused of serious delinquency but they had my graduation date wrong. got that fixed. no more delinquency.

see i had small collections and my sister had good credit. which is why im at around 12% apr on my car. hope to bring it down a bit.

yea i'm def getting that dell thing taken care of.

and maybe in a few years... a house