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Debt. help?

August 4th, 2009
Bobby T asked:


scenerio: $17000.00 in debt.. using a consolator… not seeing a difference in balance goign down. Own a morgage. Just got a approved for a $13000.00 loan to consolodate. Should I call each creditor and find out if they can lower my balance if I pay off a large chunk of the balance? Hmmm any info?

Debt Help , ,

  1. pinkyismygirlfriendniluvhur
    August 7th, 2009 at 18:02 | #1
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    hey , me too

    I figure if there is enough for beer, after the payments, then ok, no worries

  2. PAYDAY
    August 10th, 2009 at 06:30 | #2
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    Stop spending

  3. jgain
    August 12th, 2009 at 10:14 | #3
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    I can tell you from experience that unless you are WAY behind in your payments the creditors won’t help you in any way. They don’t want you paying off large portions of your balance. They like those large interest payments every month.

    I commend you for trying to do the responsible thing in paying off your debts, but you will find out that you are exactly the person who gets screwed the most in this system. The rich don’t have/can pay their debts off. The poor blow them off, but guys like you will get milked with high interest/late fees, etc for years.

    My advice: pay down as best you can and silently curse any and all creditors and don’t borrow from them ever again..

  4. Dave M
    August 13th, 2009 at 04:17 | #4
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    a few points you shoud know about…. if you always pay 3% of balance everymonth you will be albet to pay off you credit cards

    second try going to prosper.com

    third quit spending,

    I agree credit card compaines wont do anything for you unless are you way behind ,

  5. STEVEN F
    August 15th, 2009 at 21:58 | #5
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    Start by dumping the consolidator. Just using the fees they are charging to pay toward the debts would be more help than they are.
    Next, get on a budget or review your current budget. If you are spending to much for your income, nothing will get you out of debt.
    Third, unless you are seriously delinquent AND don’t have enough income to pay, A lump sum settlement is unlikely to be accepted. If you stay current for a few months, you may be able to negotiate reduced interest and penalties, but reducing the principle is not likely.

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