credit card debt consolidation fees
$ 125,000 credit card?
We are a married couple, both are 32 years we have lost jobs 2 years ago and arrived with $ 125K of unsecured debt. Now both are working and our monthly income is about $ 6K before taxes, which is $ 4500 after. Our free house rental, car payment, … is: $ 3500. So what remains is $ 1k to pay the minimum payment credit card, which is much higher this, however, we have no late fees so far. We do not go to any program that affects our credit ratings as of us now have professional jobs with very good earning potential of 6-10 years from now. We thought the following:-Register a program to consolidate debt and pay $ 7k in 3 years instead of $ 125K in the cost of our credit-enrollment in a "hardness" of program and pay $ 155 k ($ 125k + interest) over 5 years and save our credit. (Monthly payment 3K)-Finding another way better! We would happy if someone tells us which option is best for you and why? Regards, Simon
If you're able to obtain credit, try to get as many credit cards that offer 6-12 months of 0% offers as possible. Transfer as many balances as possible, which may cost 3-5% the amount of the balance. Repay the higher remaining cards cheap credit so that you reduce the principal balance. Usually, once you transfer a balance away from a company credit card, they will offer a promotional rate to achieve a balance with them again. If you are able to start moving balances, you may find that you are getting bids from suppliers of your existing cards for periods of relatively low rates, you will begin to repay principal instead of paying only interest. I'd be very wary of any "solution" which appears on your credit report (ie regulation, bankruptcy, etc..) As a banker, I am always very reluctant to lend money to someone who walked away from their obligations without a VERY good reason. On the other hand, if someone has worked hard to dig out of a difficult situation, speaks positively to their character and I'm much more willing to lend money to them. Remember that the "easy" is rarely out Easy …
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