debt consolidation?
#1
debt consolidation?
anyone here every do a debt consolidation, I have been thinking of it lately.
sounds good, group all your bills together for one payment every month, a lower payment that is.
just wanting to know if it is a good thing or have some here had bad experiences with this?
sounds good, group all your bills together for one payment every month, a lower payment that is.
just wanting to know if it is a good thing or have some here had bad experiences with this?
#3
same here there calling about the student loans i never haven't paid yet, the one loan that come from the government(the other comes from the province) said that they are gonna take me income tax refund as payment until its paid off, so thats cool with me, income tax is just found money to me.
#6
Originally posted by DoubaD
debt consolidation is just paying more for convenience sake, you'll just pay more interest
debt consolidation is just paying more for convenience sake, you'll just pay more interest
since when?
mind you... i'm no expert... it's not like i work at a bank or anything
#9
Originally posted by cosmic
mind you... i'm no expert... it's not like i work at a bank or anything
mind you... i'm no expert... it's not like i work at a bank or anything
consolidating all your debts gives you one payment at a lower rate and gives you a schedule so that in a few years you'll be debt free
#15
well Darryl...think about this.... average interest rate on credit cards is anywhere from 9.5-29.9%
average rate on a student credit line, or a variable rate loan is Prime plus 1%-4%
prime is at 4%... so you're looking at a total interest rate of 5%-8% annualy..... much better than any credit card interest rate
average rate on a student credit line, or a variable rate loan is Prime plus 1%-4%
prime is at 4%... so you're looking at a total interest rate of 5%-8% annualy..... much better than any credit card interest rate
#16
its a GOOD thing... good for your credit rating too!!!
go to your bank & get a Line of Credit at Prime Rate or better... I think its 4.5% right now & pay off all your debt & just pay into the line of credit... much cheaper!!
go to your bank & get a Line of Credit at Prime Rate or better... I think its 4.5% right now & pay off all your debt & just pay into the line of credit... much cheaper!!
#18
yeah this does sound good especially fo rmy situation, just wondering one thing though, would i be able to include my car loan in this, i mean everything else i have the option of paying in one lump sum, but on the car loan i have to follow the payment plan, issoemthing a bank could work out for me, or am i screwed on this one?
#19
what interest rate do you have on your car loan?
u may have to pay a penalty to move your car loan... but talk it over with your bank & see what they say... if the penalty for example is $200-$300 & current interest payments are say 9% you get a loan at prime rate of 4.5% over 5yrs lets say, so thats a savings of 4.5% over the term of your current loan... u do the math... is it worth it? i dunno... all up to u....
u may have to pay a penalty to move your car loan... but talk it over with your bank & see what they say... if the penalty for example is $200-$300 & current interest payments are say 9% you get a loan at prime rate of 4.5% over 5yrs lets say, so thats a savings of 4.5% over the term of your current loan... u do the math... is it worth it? i dunno... all up to u....
#20
definatly depends on ur interest rates, but for the most part its alot better than having to pay several minimums, cos in that case the debt jus keeps growing- WHEREAS with debt consolidation you'll have that one minimum payment which will be set up to meet what YOU can afford.
my mom jus did it this weekend, they took her credit cards, and she pays bi-monthly.
my mom jus did it this weekend, they took her credit cards, and she pays bi-monthly.