Question by Brad M: Anyone know of any LEGITAMATE personal loan web sites for debt consolidation? Not counseling, but loans?

Best answer:

Answer by Kayli
Practically any type of loan can be wrapped into the debt consolidation process. Common types include finance charges, late fees and overdraft charges, credit cards, personal loans, utility bills, medical bills, car loans, store cards, gas cards and back taxes. A debt consolidation loan allows you to condense your monthlyold loans are replaced with a new one that has more favorable terms. Your loan consultant will negotiate with creditors on your behalf, so you’ll no longer have to deal with harassing phone calls and daily mail.

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Question by kkkkkkBb: Doea anyone know of a company that will give debt consolidation or home quity loans to people with bad credit?
My fiance and I have not great credit, but we make a decent amount money and are looking to consolidate debt so that we can get out of it! We have about $ 40k in equity in our house, and we will need about $ 30k to consolidate. We have a combined income of $ 77,000. we don’t care about the rate because anything will be better than paying 20-30% interests on about 8 different accouts. Help!

Best answer:

Answer by ElaineMT
I would check out Prosper.com or Zopa.com. They are community lenders – meaning that people pool their money together and grant loans to people (I think there is a maximum of $ 25,000 though) and pay interest based on their credit score and income. You have to pay the loan back though, it does appear on your credit bureau (so if you pay on time and pay the loan off, it appears as a good mark). And if you screw up, they will continue to hound you through collections, as they should. The difference is – and I like the idea personally – is that a real PERSON is loaning money to you (actually a whole bunch of real persons), not a faceless bank corporation. The person loaning the money is earning interest on their investment with each and every payment, so if you screw them, they won’t re-invest, and you could wind up screwing the whole idea of community lending.

Do some research on these companies, and look at finance companies as well, like Beneficial Finance. Do not, however, sign up for one of those loans that they “guarantee” you a loan if you send them up to six months payments first. (Generally an email or telephone offer that you “qualify for a loan!!!”) That’s a scam and you’ll never see your money again. Good luck.

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Article by John Case

If you are interested in learning how to consolidate credit card debt then this is the article for you. Specifically we’ll discuss how the first step is admitting you have a debt problem, how debt causes people to lose their homes and get in trouble with the law, and how credit consolidation companies can be your savior. After reading this article, you should be well on your way to living a debt free life.

As I said earlier, the first step to eliminating your credit card debt is admitting you have a problem. After you have come to terms with this reality, you can move on and do something about it. First, you will need to pull a credit report on yourself and study it. You do not need to feel alone because the fact is that many people have debt just like you. Many of them exceed ,000.

Being in debt is bad enough when you only have to deal with the embarrassment and harassing phone calls. However, some people have to give up their homes due to the debt. American credit card debt in 1990 was around ,000. Since then it has risen to ,840. That is an increase of ,840 per American family in just 17 years. This really sheds light on the fact that people really need to start paying their bills right away instead of continuing to delay them.

Although credit card consolidation might look bad on your credit there is no need to fear. In most cases the debt consolidation companies will take care of your troubles and help you to keep a good credit rating. This will help you to get out of debt much more quickly than trying to get out on your own; you will also be much more likely to avoid bankruptcy. One benefit to using one of these companies is that they can reduce your debt by as much as 30%. This can help you to be debt free within a few short years.

While credit card debt can be a scary thing, it is not impossible to get out of it. We talked about how you need to admit you have a credit card debt problem, how people sometimes are forced to give up their homes because of credit card debt, and how a credit card consolidation company can help you get out of debt and move on with your life. Now that you have this information, it is time to apply it to your life and get out of debt today!

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It may be time for you to consolidate credit card debt. If you would like information on how to consolidate credit card debt you can visit our site.

Article by Marjorie Salada

Are you looking for the best method for consolidating credit card debt? While debt consolidation loans can get you out of debt, do they really make the best method of resolving your debt? There are a few reasons why this kind of loan may not be a good thing. Debt consolidation loans were commonly used as a debt relief method in years gone by, but financial experts have changed their thinking on the value of debt consolidation loans for getting out of debt.

Debt consolidation loans are not easy to get at the current time. Banks are very hesitant to loan money, even to individuals with perfect credit. The big problem with these loans is if you default on your payments, this type of debt consolidation loan could lead to foreclosure proceedings since it is secured with your home. In the past, the worst thing that could happen for nonpayment of credit cards was bothersome collection calls and possibly garnishment of wages, but you did not have to be concerned about losing your home.

The second issue that arises with debt consolidation loans is the availability of credit on your newly paid off credit cards. When you transfer you credit card balances from your credit cards to your debt consolidation loan, you will have hundreds of dollars of available credit ready to be used. Unfortunately, within a year many people will use this credit again. Now they will have credit card payments and a loan payment.

Credit counseling is another debt relief option that does not require home ownership, a loan or good credit. Your interest rates will be lowered and your unsecured bills can be consolidated through the use of a credit debt counseling company. You cannot charge on accounts that have been placed in this debt consolidation plan. But if you are still charging, getting out of debt will be hard. In less than five years you can be debt free by placing your unsecured debts in a debt management program.

Debt counseling is a safer method of getting out of debt, but in order to remain debt free you will have to make changes in your lifestyle and how you manage your money. Educate yourself on financial issues. Getting out of debt is just one part of the big picture. Debt is not easy to manage and can creep up on you, but you can become debt free with discipline and persistence. You can get a free, no obligation quote today for debt freedom.

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Are you tired of being in debt? To find out how consolidating credit card debt can help you get out of debt, Click Here!

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When you consolidate credit card debt, you are allowed to pay your debt obligations in a shorter time period with lower monthly rates. There are many types of debt consolidation plans that you can follow in order to pay your debts in a time frame of 3 to 7 years. Yet, you have to choose the best and most effective plan suited to your financial position as of the moment.

Here’s what you need to know when you’re planning to consolidate your credit card debt:

There are many types of debt consolidation loans

Many debt consolidation agencies offer various kinds of loans with different guidelines and policies for you to choose from. There are debt consolidation loans that will pay your credit card debt in a shorter time but charge higher interest rates. The reverse is true also, your loan will be charged with lower interest rates but it will take you a longer period of time to meet your credit debt obligations.

Some debt consolidation loans have variable rates attached to depending on the type of loan. For instance, a consolidation loan with a fixed rate allows you only to pay fixed repayments to your loan in its entire duration. While a loan with a variable rate will allow you to make extra repayments to your loan anytime, at no extra cost, during the duration of the entire loan.

Choose to consolidate credit card debt with the lowest interest rate consolidation loans

It is quite tasking to find a consolidation loan that offers the lowest interest rate. Thus, before applying for one, be sure to compare between the interest rate of the loan that you are signing for and the interest rate that you pay to your creditors. Make sure that you pay lower interest to your consolidation loan than your creditors.

Things to remember when you are consolidate credit card debt

Be sure to make regular payments to your consolidation loan agencies. Since they are responsible as your partners in paying your debt obligations, it is wise to do the favor also to them by paying timely payments. This will give the impression to your creditors as well as to your loan consolidation company that you are serious in paying off your credit card debt obligations.

Keep in constant communication with your loan representative. This will ensure that you will be apprised with the latest information regarding your consolidation loan. Your partnership with the consolidation representative is a professional and mutual relationship. In essence, you are helping each other towards the goal of paying off your credit debt eventually. A smooth partnership also means that you will be able to iron out credit debt problems smoothly by formulating effective solutions to resolve the problems.

Many individuals are now affected with credit debt problem nowadays; it’s a good thing that we can resort to consolidation loan agencies to consolidate our credit card debt.

Knowing how to consolidate credit card debt is necessary.  Consolidating credit card debt is a perfect option for anyone who finds their debts unmanageable or their interest rates too high.  The following hints should be considered before you begin consolidating credit card debts.

#1. Why do you want to consolidate?  Consolidating credit card debt allows you to obtain a better interest rate, reduce your monthly payments, and save money.  You also can reduce your stress and worry by feeling in control of your debts again.

#2. You need to decide who can help you in consolidating credit card debt.  Once you know the reasons for consolidation that you have, you are able to explore the various banks, lenders, credit card companies, and debt consolidation companies.

#3. You need to research each type of company for how they help in consolidating credit card debt.

#4. Banks require secured consolidation loans, which may not apply to your situation.

#5. Research for hidden fees with consolidation plans.  Independent companies can have extra fees for the settlement process and consultation you have had.

#6. It should be said- not all companies can be trusted.  A legitimate company working on consolidating credit card debt can be found.  Read about the company. How long have they been in business, and who runs the business?  Why do they consolidate debt?  Are there reviews, references, and other documentation you can view to feel more comfortable?  A trusted company will be happy to provide everything you need.

#7. The next step in consolidating credit card debt is narrowing your choices from three or four companies down to one.  Speak with the companies regarding what they can offer you.  Allow them to look over your finances, make cursory investigations into settlements, and determine if their rates and terms are affordable.

All that is left now is consolidating credit card debt.  If you are satisfied with the company, their terms, and their rates you just need to make the choice to go through with the consolidation of your debts.  The results you see from consolidating credit card debt are well worth the time invested in the research.

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www.CreditRepairPublishing.com CREDIT COUNSELING and DEBT CONSOLIDATION What you need to know before you sign up. “(NPR News, May 15, 2006). The Internal Revenue Service is revoking the tax exempt status of some of the largest credit counseling agencies in the country. An IRS investigation disclosed that the firms solicited business from people seriously in debt and that they didn’t provide counseling or consumer education, as required. Prodded in part by a congressional oversight committee and consumer advocates, the IRS began investigating dozens of credit counseling agencies — most holding non-profit status — two years ago. IRS Commissioner Mark Everson says the companies “poisoned an entire sector of the charitable community.” Everson says in many instances, companies were organized merely to funnel business to loosely affiliated for-profit companies. Many of the firms spend millions of dollars on commercials that urge anyone with debt to call them to solve their financial woes. And because tax-exempt organizations are not bound by the federal do-not call list, the firms were able to randomly call consumers, pitching their services under the guise of a non-profit counseling service. The IRS investigations are also likely to affect consumers, thanks to a new bankruptcy law that requires consumers considering bankruptcy to get counseling before they are allowed to file. The IRS wants to ensure that only legitimate non-profit agencies are doing the counseling. In …

A Brief introduction to Debt Consolidation Loans brought to you by www.mydebtfreelife.co.uk