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rated:
Hello, I have a huge amount of debt im getting crushed by

31K of a home equity loan @ 6%
22k of credit card debt @ 14%
28K of credit card debt @ 19%

Im paying $1415 per month

The 19% debt is killing me --Does anyone know anything about debt consolidation companies or services that can help me
So many scams out there im afraid to look
 

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rated:
14% and 19% are sorta normal for credit cards these days.
Sounds more like you have a spending problem.

Debt Consolidation companies will basically put you in the bankruptcy court. (Though that will probably happen anyhow)

What's your Credit Score
How much do you make a month
How much for a house payment?

rated:
How much equity in the house?

rated:
try lendingclub or some of the similar ones

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hoffexpress said:   Im paying $1415 per month

 

Well the obvious answer is, that's not enough.  It's important to know how you got here and what you are doing to change course.  If you are still living the lifestyle that got you into this mess, then stop.  Cut your living expenses by 50% or more, and send all that money to your credit card lenders.  That might mean getting a roommate, moving in with family, getting rid of a car, etc.  It should go without saying that you can't eat a single meal out or take any vacation or buy anything not absolutely essential until you've zeroed out all the debts.  There's no silver bullet.  

rated:
OP, get a 2nd job (which should take away any opportunities to spend money) and put all that money towards the 19%er.

rated:
OP, if you want real help, you'll need to provide more info -- what is your take home income?  What is your credit score?  Do you have a mortgage on your house other than the HELOC?  How much is the house worth?  How much is your car payment?  Do you have any savings?  Regardless of the answer to any of those questions, debt consolidation services are not what you need....what you really need is to live within your means (spend less than you earn).  Until you change that, you'll always have a debt burden.

rated:
If you're single: sell your house, find a cheap room to rent or move in with family, sell your car (and buy a cheap one if you need it to get to work), sell anything else you own that has value, eat ramen for lunch and rice and beans for dinner every night, don't buy anything else, get a second job, start a debt snowball

If you're married: sell your house, find a cheap place to rent, sell your cars (and buy one cheap one if you need to get to work), sell anything else that has value, eat ramen for lunch and rice and beans for dinner every night, don't buy anything else, get a second job, start a debt snowball

If you're married with children: figure out if you can rent a place with enough bedrooms (2 if you have 2 kids, 3 if you have 3) for the same amount as your mortgage, if so, sell your house and rent that place, sell your cars (and buy one cheap one if you need to get to work), sell anything else that has value, eat ramen for lunch and rice and beans for dinner every night, don't buy anything else, get a second job, start a debt snowball

rated:
Based on the framing of the question, I don't think OP is looking for an answer which includes an adjustment in spending..

rated:
First you have to get spending under control. If you are adding any new debt to the cards, then you are not making progress. If you are able to get those interest rates down to a reasonable level and don't charge any more, then 1400/mo could extinguish that debt in 6 years or so.

The key is if you have a good enough credit score to refinance those balances. Chase Slate is the best BT card that has 0% for a year with no transfer fee. Discover has a card that does 24 months with a small BT fee. Everybody has 12 mo 0% cards with a 3% fee. Paying these any of these BT fees is much better than 14%+ interest. A lot of credit unions have credit cards with 7-8% interest and no BT fee.

If you have enough equity in your house then a bigger home equity loan or cash out refi would be smart. Same for a 401K loan if that is available. Only do those if you are sure that you are really on the path to payoff and not going to end up filing bankruptcy.

Point is: if you can afford to pay 1400/mo or more to these debts, then it is very doable once you set it up so most of your payment is going to principal.  Good Luck!

rated:
without knowing credit score it's difficult to suggest a new card for OP.
And I suspect a new card might contribute to them just being another 20k deeper in debt.

With such little information, I think the best advice is for OP to call Dave Ramsey, and he can tell OP to start taking charge of their life.

rated:
Is the home equity maxed out? Couldn't OP take perhaps a bit larger HELOC - pay off all 3 loans (including current home equity) - and roll everything into a HELOC or new Home Equity loan?

rated:
hoffexpress said:   Hello, I have a huge amount of debt im getting crushed by

31K of a home equity loan @ 6%
22k of credit card debt @ 14%
28K of credit card debt @ 19%

Im paying $1415 per month

The 19% debt is killing me --Does anyone know anything about debt consolidation companies or services that can help me
So many scams out there im afraid to look

  Put your wife to work. 

rated:
prozario said:   Is the home equity maxed out? Couldn't OP take perhaps a bit larger HELOC - pay off all 3 loans (including current home equity) - and roll everything into a HELOC or new Home Equity loan?
  That'd be the obvious solution.  But I'm guessing OP only mentioned the debt he thinks is causing his problems.  If he ever returns, I almost expect to learn he also has a mortgage, one or two car loans, and a couple smaller credit card balances he's deemed "acceptable".

rated:
No magic painless solution so he doesn't have to tell clueless wife?

So.... OP is 1 & done. Wheeeee!

rated:
If you have other credit cards currently open, call them up or check online and see if you qualify for any promotional balance transfer deals. If you can still get approved for new credit, find one or more cards with a promotional 0% balance transfer rate and transfer as much of the balance on to those as possible. You'll save the most by transferring as much of the 19% debt as possible; then transfer as much of the 14% debt as possible. By doing that, you'll be able to pay down more of the principal, even if your total payment amount remains unchanged.

rated:
Many of them are scams NFCC is legit and a debt management plan could get you setup with a lower interest rate payment plan,

https://www.nfcc.org/

rated:
This has to be clickbait fake account thread right?

rated:
sharpie130 said:   This has to be clickbait fake account thread right?
  Sharpie, you may be correct!  OP has received the full spectrum of standard advice; therefore, FWers, consider your mission complete until OP supplies requested information.

rated:
Lugs said:   Based on the framing of the question, I don't think OP is looking for an answer which includes an adjustment in spending..
 That's too bad because that's a much more important part of the solution than which debt consolidator to use...
 

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