Owe 10,000 and i have three credit cards?

Question

with my three credit cards i have accumilated 10,000 in charges. I am at a point where i need to get consoldated and get this under control. I have stopped using my cards and am only paying the minium. But doing this isnt not good cos finace charges go up. Can anyone suggest a non scam company to help for if anyone knows a free agency??????

Answer 1

Most likely there are two ways to consolidate your credit card debts. One of the way is Credit Card Consolidation Loan, which is a type of unsecured personal loan. When you have several credit card debts, you can consolidate it into one lower, fixed rate loan. You make a single lump sum payment each month to your credit counselor and he in turn will pay off to your current creditors. If your credit score is good your can opt for a loan other wise you can go for any other program.

Another way is credit card debt settlement plan wherein a debt settlement company would negotiate a lower lump sum payment to payoff your creditors and as a result you end up paying fifty percent or even sometimes lower, of your outstanding balance to them.

Here is the source of a debt consolidation company named http://ezconsolidation.com for your reference.

Answer 2

My best advice is to visit the website of Clark Howard.  He has put a lot of research into topics like this and has helped thousands of consumers.  Check him out at www.clarkhoward.com.  No, I don't work for him, but I am a loyal listener of his show.

Answer 3

Opt for a debt consolidation loan: The easiest method of getting a debt consolidation loan is to utilize the equity of your home. Equity of your home is calculated and determined by the difference in the amount you have paid and the amount you owe. If the amount you have paid is more than the amount due, you can use it as collateral. This allows you to borrow money on lower interest rates. Besides, you also get tax benefit on this type of loan. Consult your tax advisor before opting for this loan.

Use unsecured loans: If the equity in your home is not adequate or you do not own a home, go for an unsecured personal loan. These loans are more difficult to get, but once you are approved, you will benefit from the lower rate of interest with this type of consolidation loan.

http://debt-trap.com/category/Debt-Conso...

Answer 4

All those companies are scams. They only exist to make money.  Think, where do they get the money to advertise on television, radio and in print? They exist only to bilk you out of a few more cents. And, basically they do exactly what you should do for yourself.  Call the creditors and ask for a lower rate and ask for your cards to be frozen.

You have to get serious about it yourself.  Most people who get in with these 'counselors' end up paying the counseling company and credit card company WAY MORE IN INTEREST AND FEES than if they had just called the card company themselves.

Answer 5

The best way I see out of this:

If you have a good/moderate credit score, try speaking to ur bank for a personal loan. Personal loans do tend to have higher interest rates, but still far more cheaper than the interested charged by credit card companies.

Use that loan amount and clear off ur credit cards.

Now you know the exact amount you would need to pay each month to clear off ur loan. You can plan your expenses accordingly, and soon be able to clear off!

Answer 6

I can help you. But it's not free! I own a business called Financial Destination Inc. We do Credit Restoration & Debt Elimination. We call your creditors to negotiate a lower monthly payment and to lower your monthly payments. We have helped thousands of consumers. We are a legit Company. You can do all your research. You can check out my website at www.fdimember.com/143169 if you have any questions please email me at [e-mail] Thanks & God Bless, Tavarra [phone]

Answer 7

consolidation is one route but they take about 5-7 yrs to pay back and its reported to the credit bureaus and you still have to pay finance charges, i would negotiate those with the cc's before you try them alot of times they will work with you if you say you will go delinquent.

i work for a debt settlement company for about the past 4 yrs if you dont mind having your credit bad while your in the program they get you out of debt in usually 2-3 yrs on average of 60% of what you owe thats adatoday.com

but if your set on consolidation remember that it should be free for you, the credit companies actually give a bonus to them for you paying back your debt, but they are usually local