Does anyone have any suggestions on where to consolidate my debt while refinancing?

Question

I am tired of writing out fifity different checks a month and I would love to just get this debt paid off as quickly as possible. With all my (and my husbands) debt we owe under 132,000.00 we can pay 2000.00 a month toward this debt (and still have our money left for our expenses such as utilities and groceries). The only problem I have is that our home is appraised at 85,000. Is there any place that any of you know of that would loan that much over what your home is worth? My credit rating is fair, my bills are always paid on time, just soooo much debt boggs my rating down. Any suggestions?

Answer 1

The best option for debt trouble is negotiating your debts with your credit companies to keep the payments from swallowing all of your income. Typically, you have to get a counseling agency to call on your behalf. If you try to work with them yourself, many of them will not cooperate with you because you are not enrolled in credit counseling. Try http://www.womenindebt.info. Good luck!

Answer 2

Here is a Debt Consolidation Plan to Protect Yourself

http://www.easy-creditcard.com/credit-ca...

Answer 3

The problem with debt CONsolidation is that most people usually CON themselves into thinking they have dealt with their issue (overspending) and they run up more debt.  Also, so many companies out there that offer this service are cons.  They don't do what they promise and they charge exorbitant fees for something you can do yourself.  

To get out of debt, start a "debt snowball" by listing your debts from smallest to largest (regardless of interest rates) not including the house.  Make minimum payments on all of the debts except the smallest.  Have a yard sale, sell stuff on E-Bay, do what ever you can to scrape any extra dollars together and apply that $ to the smallest debt.  (For people who really want to be radical, we even stop retirment investing for a short period to free up cash flow while we do this)  When it is paid off, take that payment and any extra $ and apply it to the next smallest, etc, etc until everything is paid off including the house!

Getting out of debt is not about math.  If it was, we would never get into debt in the first place.  Getting out of debt is about personal behavior and dealing with the person in the mirror.  It's more like losing weight.  You get a little "atta girl" when the first one is paid off and you start to see some real progress

Check out Dave Ramsey's "Baby Steps" as outlined in his book, "The Total Money Makeover".  It has changed our lives and many others!  We are almost out of debt and can't wait to get there!

Check out his site below for more info and good luck!

Answer 4

You can have a secured debt consolidation loan wherein you would get a low interest rate as your home is kept as a collateral. Thus you can pay off your debts fast.

Answer 5

wow, if you have so much debt, you should file bankruptcy. there is no way that you will ever be able to pay everything. you need to think about your future and the future of your children.