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by eric731

Question by DEBT: Which is a better route? A “debt- consolidation loan” or a “personal” loan to pay off credit card bills?
How does either loan affect credit scores etc…?Which one tends to get the better interest rate? Any reccomendations on what financial institution to go through? How much money do you need to make to take out approx. 10k? Any other info you can provide would help out a lot!

Best answer:

Answer by michelle1984
Personal loan. Debt consolidation ruins your credit

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by Michigan Municipal League (MML)

Question by Andrew H: If I have a balance on a card of ,000, 9.99% APR, would it look better to get a debt consolidation loan?
I want my credit to still stay above average, but I cant afford to pay $ 1,000 monthly payments to get rid of the balance fast, should I get a personal debt consolidation loan for 36 months instead?

Best answer:

Answer by Lauren F
If you want to get rid of this fast, then taking a 36 month loan doesn’t make sense, even if you could get a lower interest rate. That long length of time will cost you a lot in interest.

I would look for a 0% balance transfer card (see the website www.fivecentnickel.com for suggestions) and transfer it to 0% card, preferably for 12 months. Then, if you pay $ 700 a month for the 12 months, it will all be paid off and you will not owe any interest. Research this plan carefully though. It only works if you make the payment every month on time. If you miss even by one day, the cc company will jack your interest rate up to a horrible amount.

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by Michigan Municipal League (MML)

Question by gbaby: What is a personal line of credit ? Is it good to use for debt consolidation? Is 18% too high an interest rate?

Best answer:

Answer by kemperk
18 is 18; it is sky high. IT is horrible for anything.

a good rate is my rate of 9.9%

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Question by tinky: how do i get a debt consolidation loan for personal loan and credit cards?

Best answer:

Answer by michelle_adams23
type in a search for debt consolidation loan in yahoo or google. if you have a credit union, that is the first place i would go

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by MANILA IMPERIAL MOTOR SALES . . . .

Question by : Where can I find a personal debt consolidation loan for people with bad credit?
I am in dire need of a debt consolidation loan and I have bad credit. I can make things work with $ 5000, but I do not know where to start. I have seen people with yahoo addresses claiming they can loan money but they sound fishy as it is not a company email, their emails always seem to be yahoo. Any info will help. I fell on hard times and am now able to pay my monthly bills but I cant seem to catch up what I fell behind on. PLEASE help asap. I have a 5yr old and I do not want him to suffer us loosing our home or car.

Best answer:

Answer by JIM
Not sure where you are but here in UK, debt consolidation loans are virtually extinct from legitimate sources. Instead there are debt consolidation companies who deal with creditors on your behalf via negotiations with said creditors with the goal of cancelling further interest on your debts and working out an affordable monthly payment. You cease dealing with your creditors personally and simply make the monthly payment requested to the company handling your debts. If any creditor continues to hassle you either by mail or on the phone, you simply report it to the company

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Question by liz0628: Can anyone tell me their personal experience with debt consolidation and if it helped you solve your financial
problems? And if you can give me the name of the company that you used. We are thinking about consolidating our debts but are a little scared about the outcome of the procedure we

Best answer:

Answer by Leonard L
Any debt consolidation plan must have a foundation based on lower interest rates to pay on outstanding loans.

Unless you can obtain lower rates, it may work against you in the long run.

Many credit cards want to charge you over 18%.

If you carry balances at this rate (or higher), you are doomed.

Debt consolidation doesn’t wipe out debt, it merely proportions it out so as to free more month up for you to meet your living obligations better.

I devised my own plan which gets me lower interest rates all the time…by paying back more than the minimum required payment on most loans.

I also invest steadily, and use my savings plan with my employer to the maximum (in other words, pay myself first before I pay others each month).

Be advised that many organizations who advertise that they will clean up your credit will also charge you, so thred carefully.

I can’t recommend anyone since I’ve never consolidated through a professional.

I created my own plan, and it seems to be working.

You should devise your own plan and see if it works before you go with anybody who may take you for hidden fees.

Eventually, people go bankrupt when consolidation doesn’t work out.

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Question by treasys: I need a personal loan of 00.00 but my credit is bad, and I don’t have enough debt to do debt consolidation?
I want to combine my debt but I don’t have enough debt to qualify for a debt consolidation program. please help

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Question by xoxo 5129: i need a personal loan and debt consolidation, my credit score is fair..what can i do?
i need a loan of possibly about $ 10,000 for emergency expenses… i also already have about a $ 9600 loan, credit card debt of about $ 6000 and an auto loan for $ 30000. my credit score is fair, mid 600′s… what can i do? do i have any options?

Best answer:

Answer by Ryan M
Sounds like you are living WAY outside of your means. Get rid of the $ 30k car. No one with your kind of money/debt issues needs a $ 30k car.

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by Michigan Municipal League (MML)

Question by freckles: How can I get a personal loan with a less than perfect credit score for debt consolidation?

Best answer:

Answer by golferwhoworks
lots of collateral is the only way I can think it could happen

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Question by Holly H: which is better debt consolidation loan or a personal loan?
i want real people with real experience to answer please or if someone you know has gone through it.
my hubby and i are trying to figure out which is better i really dont wanna do anything that is gonna hurt our credit. which is better and who should i go through? hubby is in the air force and i am a stay at home mom.
thanks a bunch!

Best answer:

Answer by Gem
IF you do not run right out and go back into debt, a loan would be the (more than likely) best way to go.

Regretfully banks are no longer in the business of loaning money to people or small companies as the Feds and the banks are eating up every dime available in the entire world.

But, you could try. Your best bet will be a small, local, bank or credit union.

good luck

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