Go to Jeff Salisbury LWGate Home Page.From: Ron Rothenberg <Homebase@world.std.com>
Subject: consolidation loans
Date: Sun, 21 Jun 1998 13:58:14 -0400
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> I'm maxed on 3 credit cards and paying usurious rates on my car. >Is there a way to consolidate my debt and pay a lower rate? > Yes, there are numerous ways. If you're really in trouble, it might be best to speak to the non-profit credit counseling service in your area and get their help in setting up payment schedules and perhaps lowering some of the interest rates on your credit. Consolidation of debt ALONE almost never ends the problem. Sure, your payment may be a few dozen or hundred bucks less than it was before, but you still have the same problems, just at different interest rates. Studies and my own experience show that this ALONE doesn't work, as people feel free to resume their spending habits and quickly work their way up to a larger amount of debt. Consolidation is fine, just don't expect it to be the panacea for debt reduction. Some of those ways: if you own your own home, consider refinancing your mortgage with a cash-out (refinancing to a larger amount) - this will yield the lowest interest rate. make sure you don't pay your consumer debt off over 30 years!! pay it off faster. Way 2: see your friendly local banker for a consumer loan. Way 3: search for a low-interest credit card deal and consolidate all your debt on one low-interest credit card. Way 4: Consumer loan companies - that specialize in more risky loans -- these may be no cheaper than your credit card debt. - -rsr- Ron Rothenberg, CFP exclusive buyers broker Homebase Real Estate Homebase@world.std.com - -
Next Article (by Author): The Great Boom Ahead jeff@scrooge.csd.sdl.usu.edu (Jeff Salisbury)
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