Can I consolidate my debt if I have nothing of real value???

Question

I'm a single parent up to my neck in debt but I don't own a home and have not much things of value. I have little income to work with do I have any options out there?

Answer 1

Yes. Use the below link to a debt service for women. They have been very helpful for me. A credit counseling service should NEVER ask you to put up collateral for their services, home or otherwise.

Answer 2

Yes, you can consolidate your debt by transerferring your debt to a low interest credit card. But, it would only make sense if your credit score is high enough (over 680) and the current interest rates you are paying on your debt are high (over 12%).

The fact that you have a lot of debt lowers your credit score right off the bat. However, if you've always made your payments on time, you still might score high enough to qualify for a low or even zero interest credit card. If you do, you can transfer your debt (or at least a portion of it) over to the new card and greatly reduce you overall debt payment. Be careful and really read the fine print on these low interest cards. Sometimes the rate is only a 6 month introductory rate or the bank might include a loophole where they can jack the rate up after a specific amount of time. Some cards will not honor the low rate on balance transfers. You need to do your research, but I would try to do a balance transfer to one of these cards if possible. Also, cut up your other credit cards once you do the transfer and never let your future credit card debt exceed 30% of the available line of credit.

If a low interest credit card consolidation is not an option, you can still reduce and consolidate your debt and payments through credit counseling organizations. They will re-negotiate your debt and payment for you with your "credit card companies" only (no car loans or signature loans), for a fee. Many banks and credit card companies have special programs that consumers are unaware of that these credit counselors are able to put you on. The savings can be substantial. However, only use a legitimate and recognized non-profit credit counseling organization, I repeat, only use a legitimate and reputable non-profit credit counseling organization! The others may rip you off.

Call these folks....

http://www.christian-credit-counselors.c...

I've heard they're pretty good.

Good luck!