Comments on: 8 Best Ways for How to Consolidate Credit Card Debt http://www.mytwodollars.com/2010/12/01/best-way-how-to-consolidate-credit-card-debt/ A place to discuss money...for the rest of us. Wed, 09 May 2012 04:21:58 +0000 hourly 1 http://wordpress.org/?v=3.3.2 By: Monica @ CashAdvancesUShttp://www.mytwodollars.com/2010/12/01/best-way-how-to-consolidate-credit-card-debt/#comment-386017 Monica @ CashAdvancesUS Fri, 17 Feb 2012 09:02:37 +0000 http://www.mytwodollars.com/?p=2588#comment-386017 Just look up all of your interest rates from each card and write them on a separate list. Then note the new rates you are supposed to be given. If the new rate is lower than the average index of the old rate, then consolidating your credit card debts would make financial sense for you. If there are cards offering lower rates, then you don't have to include them in your consolidation. And of course, if you want to consolidate your credit card debt, you should firstly look at all of your debt in details. Once you know what you have, it will be much easier to contact specialists to help you with your consolidation solutions. Just look up all of your interest rates from each card and write them on a separate list. Then note the new rates you are supposed to be given. If the new rate is lower than the average index of the old rate, then consolidating your credit card debts would make financial sense for you. If there are cards offering lower rates, then you don’t have to include them in your consolidation. And of course, if you want to consolidate your credit card debt, you should firstly look at all of your debt in details. Once you know what you have, it will be much easier to contact specialists to help you with your consolidation solutions.

]]> By: James @ Life House Fundinghttp://www.mytwodollars.com/2010/12/01/best-way-how-to-consolidate-credit-card-debt/#comment-359917 James @ Life House Funding Wed, 25 Jan 2012 17:54:27 +0000 http://www.mytwodollars.com/?p=2588#comment-359917 One way of consolidating your debt that this article does not cover is to simply call your bank. It’s a hidden secret that banks will work with you and have plans in-house designed to help you manage debt. These plans do not hurt your credit and can save you tons on interest and payments. Some companies will even help you pay off other cards. The first thing to do is call your bank, then consider these other options One way of consolidating your debt that this article does not cover is to simply call your bank. It’s a hidden secret that banks will work with you and have plans in-house designed to help you manage debt. These plans do not hurt your credit and can save you tons on interest and payments. Some companies will even help you pay off other cards. The first thing to do is call your bank, then consider these other options

]]> By: Robert @ Franklin Debt Reliefhttp://www.mytwodollars.com/2010/12/01/best-way-how-to-consolidate-credit-card-debt/#comment-38928 Robert @ Franklin Debt Relief Sat, 02 Apr 2011 14:32:42 +0000 http://www.mytwodollars.com/?p=2588#comment-38928 Some additional points for # 8 (contacting a debt consolidation company) - (1) latest studies from the NFCC show that only 21% of people who enroll in these programs complete them. (2) It appears on your credit that you are enrolled in a debt management plan. Not something a lot of lenders want to see. Not saying this shouldn't be considered, but it should definitely be a last resort and one considered along with other options such as debt settlement and bankruptcy. Some additional points for # 8 (contacting a debt consolidation company) – (1) latest studies from the NFCC show that only 21% of people who enroll in these programs complete them. (2) It appears on your credit that you are enrolled in a debt management plan. Not something a lot of lenders want to see.

Not saying this shouldn’t be considered, but it should definitely be a last resort and one considered along with other options such as debt settlement and bankruptcy.

]]> By: Lisa@DebtConsolidationLoanhttp://www.mytwodollars.com/2010/12/01/best-way-how-to-consolidate-credit-card-debt/#comment-38353 Lisa@DebtConsolidationLoan Tue, 22 Feb 2011 13:40:21 +0000 http://www.mytwodollars.com/?p=2588#comment-38353 In fact, a lot of people today are struggling with their payments and bills trying to make ends meet and to avoid serious problems. It’s rather difficult to take debt under control and repay it in the shortest period of time as most of consumers experience rather tough financial times. Debt consolidators are here to help you. They provide specific low interest debt consolidation loan that can be to be really helpful for people who find it really difficult to manage their personal finances themselves and cover the existing debt. In fact, a lot of people today are struggling with their payments and bills trying to make ends meet and to avoid serious problems. It’s rather difficult to take debt under control and repay it in the shortest period of time as most of consumers experience rather tough financial times. Debt consolidators are here to help you. They provide specific low interest debt consolidation loan that can be to be really helpful for people who find it really difficult to manage their personal finances themselves and cover the existing debt.

]]> By: Markhttp://www.mytwodollars.com/2010/12/01/best-way-how-to-consolidate-credit-card-debt/#comment-37633 Mark Thu, 02 Dec 2010 15:40:40 +0000 http://www.mytwodollars.com/?p=2588#comment-37633 Half of those suggestions are assuming the individual has ultimately CHANGED THEIR SPENDING BEHAVIOR! One of the WORST things I see people doing is using home equity or retirement to cover credit card debt only to turn around and run the credit cards right back up. I see nightmares with debt consolidation companies too. They can't do anything for you that you can't do for yourself and most of them are about as crooked as the payday loan places. Half of those suggestions are assuming the individual has ultimately CHANGED THEIR SPENDING BEHAVIOR! One of the WORST things I see people doing is using home equity or retirement to cover credit card debt only to turn around and run the credit cards right back up.
I see nightmares with debt consolidation companies too. They can’t do anything for you that you can’t do for yourself and most of them are about as crooked as the payday loan places.

]]> By: Albie D @ TalkingCentsBloghttp://www.mytwodollars.com/2010/12/01/best-way-how-to-consolidate-credit-card-debt/#comment-37624 Albie D @ TalkingCentsBlog Wed, 01 Dec 2010 21:58:38 +0000 http://www.mytwodollars.com/?p=2588#comment-37624 Regarding #8, I'd just like to add that NFCC is actually an association of credit counseling agencies/organizations. It's members are the more reputable/accredited agencies. NFCC is an excellent resource to finding a good one. Another resource is AICCCA. Same deal. Also look for agencies that are accredited by the BBB. Regarding #8, I’d just like to add that NFCC is actually an association of credit counseling agencies/organizations. It’s members are the more reputable/accredited agencies. NFCC is an excellent resource to finding a good one. Another resource is AICCCA. Same deal. Also look for agencies that are accredited by the BBB.

]]> By: Davidhttp://www.mytwodollars.com/2010/12/01/best-way-how-to-consolidate-credit-card-debt/#comment-37623 David Wed, 01 Dec 2010 19:57:00 +0000 http://www.mytwodollars.com/?p=2588#comment-37623 You're absolutely right, Big Spender. I should have put that in there, considering I am a lender over at Lending Club! You’re absolutely right, Big Spender. I should have put that in there, considering I am a lender over at Lending Club!

]]> By: Briana @ GBRhttp://www.mytwodollars.com/2010/12/01/best-way-how-to-consolidate-credit-card-debt/#comment-37622 Briana @ GBR Wed, 01 Dec 2010 18:47:49 +0000 http://www.mytwodollars.com/?p=2588#comment-37622 I got a debt consolidation loan from Lending Club and it's a little frustrating because it automatically takes the money from my account, which means I can't pay anything extra (unless I'm missing something). I wish I would've put it all on one card. I got a debt consolidation loan from Lending Club and it’s a little frustrating because it automatically takes the money from my account, which means I can’t pay anything extra (unless I’m missing something). I wish I would’ve put it all on one card.

]]> By: Suzannehttp://www.mytwodollars.com/2010/12/01/best-way-how-to-consolidate-credit-card-debt/#comment-37621 Suzanne Wed, 01 Dec 2010 18:45:56 +0000 http://www.mytwodollars.com/?p=2588#comment-37621 This is certainly a timely topic as many consumers are struggling with debt and need options. While I agree with many of your suggestions, I just wanted to clarify that the NFCC promotes the national agenda for financially responsible behavior and builds capacity for its Members to deliver the highest quality financial education and counseling services. That being said they provide a network of providers for consumers to use. Settlement which you refer to in the post is very different than credit counseling or debt Management plans. Here is a resource guide that outlines the differences. This is certainly a timely topic as many consumers are struggling with debt and need options. While I agree with many of your suggestions, I just wanted to clarify that the NFCC promotes the national agenda for financially responsible behavior and builds capacity for its Members to deliver the highest quality financial education and counseling services. That being said they provide a network of providers for consumers to use. Settlement which you refer to in the post is very different than credit counseling or debt Management plans. Here is a resource guide that outlines the differences.

]]> By: Big Spenderhttp://www.mytwodollars.com/2010/12/01/best-way-how-to-consolidate-credit-card-debt/#comment-37620 Big Spender Wed, 01 Dec 2010 15:28:34 +0000 http://www.mytwodollars.com/?p=2588#comment-37620 Don't forget Peer-to-Peer loan sites like Lending Club and Prosper.com. It's very easy to get personal loans funded at much lower rates than banks. Don’t forget Peer-to-Peer loan sites like Lending Club and Prosper.com. It’s very easy to get personal loans funded at much lower rates than banks.

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