Financial Bind with Credit Card Debt.?

K

Karen M

New member
Hi, I'm 24 years old. I'm married, and I have serious credit card debt... well at least it's serious to me! I have about $8,000 in credit card debt, and we also have 2 cars - one which we owe about $4500 and the other which we owe about $9200. We also have a loan through a bank that we used to refinance a while ago which we still owe $5000 on. We are definitely living beyond our means, and I am having a hard time getting anywhere with the debt. I am thinking about contacting a credit counseling service, but am really weary because of all of the bad things I've read about them. I make my payments on time every month, or at least a couple of days after they are due, and I never miss them. I don't want a credit counseling company to default on my payments, which I see they are notorious for doing... can anyone offer me some advice? I'd really like to make one lump payment a month, which would free up our money coming in a bit... ALSO, when you do credit counseling, do they combine loans, credit cards, and car payments all together in that payment?? Or is it just for credit card debt? Thank you in advance for any help you can provide me!
 
Been there 80)
So call a bank that you've had a savings/checking acct with for a while and ask them what their rates on a personal or signature loan. Go into the bank with the lowest rate available (most are between 12-18%) and apply for the loan. You tell the loan officer that you want to consolidate but do not want a consolidation loan as that look AWFUL on your credit. You give him a list with all credit cards and loans listed on it and have the 10-day payoff amounts available on the list. The loan officer will work with you on what they can consolidate. I've done this many times.
 
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