Debt consolidation reddit.

Hi all <3 Will give reddit gold/silver/whatever for good answers lol (all I have rn). Looking for advice on reducing interest rates for two credit cards with combined 20k debts @ 20%APR. Info as follows: ... What you would do is apply for a debt consolidation personal loan. The bank will either give you $20k cash to pay off your credit cards or ...Otherwise it doesn't make sense. If you give your balances and interest rates we probably could help better. Personally I like sites lendingclub.com & prosper.com and if you have decent credit can be a very good way to consolidate. You get hit with a 3%-5% origination fee but it can be a good saving depending on the rates you save.My husband and I have decided to open accounts that we plan to eventually use as our primary. Now my question is about personal loans for credit card debt consolidation. My husband and I have about 18,000 in credit card debt between two cards that have 17% APR. We have pre-qualified for a SoFi loan at 7.49%.The hubby and I are considering a cash-out refinance to consolidate debt and give us some wiggle room on a monthly basis. Here's our current situation: Income of $95k for a family of 3. Current mortgage: Owe $133k, 2.87%, 48 year term (!!) Our total debt, including credit cards, student loans, car loan, and home improvement cards is around $65k.how to pick the best debt consolidation loan? Debt/Loans/Credit. Credit Karma keeps showing me loans and I don't know whether to choose based off of lowest …

Second, watch the term of the refinanced debt and keep your eye on total loan repayment cost - if you are 2 years into a 10-year loan and you refi a new 10-year loan, your monthly payment drops but part of that is because you just added 24 new payments at the end (i.e. 12 years of repaying). Third, many lenders will hand you over to a servicing ...

Debt consolidation is a form of debt relief that typically involves taking out a new loan to pay off previous loans, combining the debts—consolidating …I am trying to consolidate about $15000. They are an option. I would also check with local credit unions. Some credit unions are more forgiving than others, however you have to be a member. You may have to live, work or worship within a certain geographic area, some large companies have sister credit unions (such as Farm Credit Credit union, or ...

Reddit's IPO could set the foundation for others going public in 2024. Here are the bank stocks that could get a big boost. ... Best Debt Consolidation …If you think that scandalous, mean-spirited or downright bizarre final wills are only things you see in crazy movies, then think again. It turns out that real people who want to ma... I used Debt Reduction Services, they do make payments on your behalf and can negotiate the interest rates down (mine went to 6 percent from 25 percent). The accounts are closed and you pay them a service fee which for me is $25 per month. My minimum payments went from $600 per month to $180, and you can always pay more than the minimum. Call the cardholders and tell them you're struggling, and ask if there's a way to lower your interest rate or payment amount. Sometimes CCs will offer a lower rate in return for closing the card. I've done this with a couple of cards and Paypal credit. The …

Debt consolidation loan or not? I have credit card debt that I need to do something about. I don’t want to take 40 years to pay it off. I can get a debt consolidation …

The product you're looking for is student loan refinancing. Consolidation is a term that is really only meaningful with federal loans. Also, the number of loans you have isn't relevant -- your minimum due is based on the total amount you've borrowed and the term of the loans, not their quantity. You should shop around for the best refinancing ...

komark-. MOD. I'm about $25k in CC debt - is consolidating the right move? Debt. As the title suggests, I got a little carried away with my Credit Card usage for one reason or another. I could really use some r/personalfinance advice because I am clearly too stupid for my own good. CC1: $14,500 - 23% APR. CC2: $3,800 - 22.25% APR. This is what I did. I had about $6k in credit card debt at one point and transferred it to CitiBank that provided 0% interest rate for 18 months. I paid the 3% transfer fee up front, but was able to pay off the $6k in credit card debt within the 18 months.4 yr. ago. My understanding of most debt consolidation loans is that they want actual proof you've shut down the cards and sources of debt so that you can't repeat the past and now have all that debt, as well as the loan. Which I've read can be worse for your credit because once paid off, you have no actual credit.Nov 17, 2023 · 4. Apply for the debt consolidation loan. Once you’ve chosen a lender, you’ll need to apply for the loan. This process is typically online, and you’ll be asked to provide personal ... Done this before using CC, debt consolidation. Ni-check ko muna kung kaya ng monthly ko yung required payment at the expense of additional rate. Natapos ko sya after 5 years (para akong naghulog ng brand new car). Pros: Iisa na lang ang need ko bayaran. Naka-budget na sya na yun lang liability ko for the whole 5 years.I have a decent amount of CC debt and was wondering if debt consolidation is a good idea and if anyone has done it? Some pros and cons? Also I am just tired of having to manage multiple payments and the idea of just having one lump sum to pay off seems somewhat better. I have done my research but hearing some peoples personal experiences is a ... 600 credit score tells us that your cards/loans are maxed out. Sorry to say, but absolutely no one will approve you for a loan, debt consolidation or otherwise. You'd need 650 at verrrry least and it would be at pretty much same 30% interest, 700 for 20% and 750 for 10%. Approx. yes, you need to be out of debt to consolidate debt.

There are many personal lenders for debt consolidation, but they don't approve bad credit. I can help you to get a LEGITIMATE personal loan and consolidate your debts if you have bad credit. I can give you up to $30,000, APRs 5,99% to 35,99%, no collaterals, no cosigner. There are two ways to contact Accredited Debt Relief customer support if you run into issues. Email [email protected]. Call 877-201-2548 on weekdays from 5 a.m. to 9 p.m. Pacific time ...The Nerdy headline: Jump to: Full Review. Tally Line of Credit. Est. APR. 7.90-29.99% Loan amount. $2,000 - $20,000. Min. credit score. 680. Check …If you owe $2000 on a 19.99% credit card your monthly interest is in the $30-35 range. However $8000 on a 10% credit line has you paying roughly $65-70 interest per month). Do the math and figure out how much interest you're paying every month. Then focus funds on the highest interest amount not the highest interest rate.Debt Consolidation Help : r/personalfinance. I’m currently 23, ever since my was 18 I was building my credit because I know it’s an important factor. Sometime around last year, I took out some personal loans to start a pub and eatery (it failed, whole story in of itself.) I’m trying to get a debt consolidation loan to get lower payments ...Reddit is a popular social media platform that has gained immense popularity over the years. With millions of active users, it is an excellent platform for promoting your website a...Debt consolidation is just taking out a single big loan to pay back all your other loans. Due to the cost of doing these transactions and because the company wants some profits it is usually a bit more expensive. However you get a single monthly bill instead of different bills for your different debts. And if your debt is not optimized already ...

Date of experience: December 25, 2023. Reply from Fiona. Jan 3, 2024. Thanks for sharing your experience with us, Kimberly. Fiona.com is a fast and easy way to shop and compare offers for financial products from our …

Some subreddit resources are r/budget and r/povertyfinance that can point you to resources for counseling and money management. Reach out to your county VSO (veteran service officer) for veteran-specific options. If there aren't any, your options would be debt consolidation or bankruptcy. Debt consolidation can be helpful but keep in mind it ...I Was shocked at how quickly and easily I got approved for a debt consolidation loan. My current loan has an interest rate of 9% and I qualified for 6.9% with Marcus. ... Reddit's hub for advice, articles, and general discussion about getting and repaying student loans.Typically, nobody would recommend any debt reduction service for $8000 in debt. As for a debt consolidation loan, you can look into getting a personal loan from a local bank or credit union, if you can get a better interest rate. But even with that, if your budget isn't balanced, the loan won't do much for you.Student loan debt is a part of many people’s lives due to the high cost of a college education. If you have a student loan or are planning to apply for one, make sure you understan... If you can get one for a lower interest rate (and without any significant fees), they're helpful so long as you've corrected whatever issue got you into debt in the first place . Note that these are the ones with a specific term that you use to pay off your other debt. The ones where you stop paying your creditors and just pay them while they ... Nov 28, 2023 · The biggest advantage of debt consolidation is paying off your debt at a lower interest rate, which saves money. For example, if you have $9,000 in total debt with a combined APR of 25% and a ... There are two ways to contact Accredited Debt Relief customer support if you run into issues. Email [email protected]. Call 877-201-2548 on weekdays from 5 a.m. to 9 p.m. Pacific time ... Debt consolidation usually requires you to default on all of your CCs so they can go into collections so they can negotiate a lower fee. And then charge you a % of that lower fee. Let's say your 25k debt goes into collections, they will negotiate it down to $14k but charge you a 25% fee (plus interest in some cases) so you'll end up paying $17 ... You can also look into a balance transfer to a card at 0% for 12-18 months. You will be charged a transfer fee, probably 2-5% depending on the card, but it’s cheaper than your 22% rate and if you pay $800-1K each month you’ll pay it off before the promotion expires. bros402. • 2 yr. ago.Jul 27, 2022 · Around 4% to 36%, depending on the lender and your credit profile. Fees. May charge a one-time balance transfer fee of 3% to 5% of the amount you transfer. May charge an origination fee of 1% to 8 ...

A personal loan, sometimes called a debt consolidation loan, is one way to help you pay off the $25,000 you currently owe on your private student loan and credit cards in a financially beneficial way. Using a debt consolidation loan to pay off the three debts effectively condenses those debts into one single debt of $25,000.

Call the cardholders and tell them you're struggling, and ask if there's a way to lower your interest rate or payment amount. Sometimes CCs will offer a lower rate in return for closing the card. I've done this with a couple of cards and Paypal credit. The …

Date of experience: December 25, 2023. Reply from Fiona. Jan 3, 2024. Thanks for sharing your experience with us, Kimberly. Fiona.com is a fast and easy way to shop and compare offers for financial products from our …Dec 11, 2023 · A debt consolidation loan may be a good option for borrowers with bad credit. Pre-qualify with multiple lenders and choose a loan with a lower interest rate than your existing debts. In general they help your score by lowering your credit card utilization to under 30%. Your score will initially take a hit when the new loan reports, then will increase in a month or two when the credit cards start reporting the new lower balance. Debt consolidation loans just show up as a loan, not the purpose for the loan.HELOC for debt consolidation? I have been financially independent my entire life, and quite responsible with spending. Well, covid hit both my partner and I [both self employed] in terrible ways. I was able to secure a covid relief business loan of 30k, and have started chipping away at this. Long story short, I own my home, and my partner was ...Below are five ways debt consolidation could affect your credit score positively or negatively. 1. It Could Cause Hard Inquiries on Your Credit. Every time you formally apply for credit, the ...Have questions about personal loans? Get answers from Discover Personal Loans about interest rates, credit scores, debt consolidation and more.Debt consolidation loan or not? I have credit card debt that I need to do something about. I don’t want to take 40 years to pay it off. I can get a debt consolidation …You can also look into a balance transfer to a card at 0% for 12-18 months. You will be charged a transfer fee, probably 2-5% depending on the card, but it’s cheaper than your 22% rate and if you pay $800-1K each month you’ll pay it off before the promotion expires. bros402. • 2 yr. ago.600 credit score tells us that your cards/loans are maxed out. Sorry to say, but absolutely no one will approve you for a loan, debt consolidation or otherwise. You'd need 650 at verrrry least and it would be at pretty much same 30% interest, 700 for 20% and 750 for 10%. Approx. yes, you need to be out of debt to consolidate debt.

Done this before using CC, debt consolidation. Ni-check ko muna kung kaya ng monthly ko yung required payment at the expense of additional rate. Natapos ko sya after 5 years (para akong naghulog ng brand new car). Pros: Iisa na lang ang need ko bayaran. Naka-budget na sya na yun lang liability ko for the whole 5 years.If you’re considering credit card refinancing vs. a balance transfer card, here are some important points to keep in mind: Debt Consolidation Loan. Balance Transfer Card. Average APR. Varies. Could be as high as 21.19% (as of August 2023) Repayment. 5 to 20 years (with Credible partner lenders) N/A. If you consolidate your debt into a single loan, make sure it's just a regular personal loan and not a debt consolidation loan. If you get a regular personal loan which amoritizes less than where your debt is, today, it would be a benefit, just so long as you don't end up overextending yourself attempting to repay it. r/personalfinance. Instagram:https://instagram. orlando foodhorizon milk organicgame developingdisney+ premium And I’ve paid $17,000 off my auto loan (Capitol One) within 3 years with only $3,000 left. My annual income is $51,000 per year. And I’m always on time with minimal payments…I also pay in lump sums. Yes my credit score is 600…but I don’t understand why I can’t be approved for a debt consolidation loan? I just want a lower interest rate.I have a lot of credit card debt and student loan debt as well. I over over $4,000 and $5,000 with a high interest rate on two credit cards, and $1,900 on one card. I owe over $6,000 in student loans. lawn dochonda 2 door Consolidating debt is when you take out a single, new loan to pay off several existing debts. This can be a good way of taking control of your finances but ...If you can get one for a lower interest rate (and without any significant fees), they're helpful so long as you've corrected whatever issue got you into debt in the first place . Note that these are the ones with a specific term that you use to pay off your other debt. The ones where you stop paying your creditors and just pay them while they ... window motor repair The following loan and grant programs are included: Federal Family Education Loans (FFEL), which include Federal Stafford, Federal Consolidation, and Federal ... Second, watch the term of the refinanced debt and keep your eye on total loan repayment cost - if you are 2 years into a 10-year loan and you refi a new 10-year loan, your monthly payment drops but part of that is because you just added 24 new payments at the end (i.e. 12 years of repaying). Third, many lenders will hand you over to a servicing ... They were able to get us a consolidation loan at a reasonable rate and payment. We will be saving tons of time and money and finally have a plan to be debt free ...