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 ZippoZ
Knomadic
Registered: 06/17/03
Posts: 12,629
Loc: Pongyang, North Korea
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 so i have like 15-20K in debt that i want to consolodate and pay off 
#8268289 - 04/11/08 07:54 AM (5 years, 1 month ago) |
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Yeah, old medical bills mostly, im totally un insured and cant get treated anywhere but hospitals..... there is also 7k in Credit Card debt in there as well
anyways i want to start paying all of these bills off, but i want it all consolodated under one payment. whats the best way to do this?
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PEACE
 zippoz
"in times of widespread chaos and cofusion, it has ben the duty of more advanced human beings - artists, scientists, clowns, and philosophers - to create order. In such times as ours however, when there is too much order, too much m anagment, too much programming and controll, it becomes the duty of superior men and women and women to fling their favorite monkey wrenches into the machinery. To relieve the repression of the human spirit, they must sow doubt and disruption"
"People do it every day, they talk to themselves ... they see themselves as they'd like to be, they don't have the courage you have, to just run with it."
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Veritas
Registered: 04/15/05
Posts: 11,088
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Re: so i have like 15-20K in debt that i want to consolodate and pay off [Re: ZippoZ]
#8268832 - 04/11/08 12:46 PM (5 years, 1 month ago) |
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Consumer Credit Counseling Service.
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tak
geo's henchman
Registered: 11/21/00
Posts: 3,746
Loc: nowhereland
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Re: so i have like 15-20K in debt that i want to consolodate and pay off [Re: Veritas]
#8273135 - 04/12/08 10:12 AM (5 years, 1 month ago) |
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do some heavy research on places before you sign anything. I've heard some real horror stories about these debt consolidation places.
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The DJ's took pills to stay awake and play for seven days.
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 SheikCorp
Stranger
Registered: 01/09/08
Posts: 2,147
Last seen: 2 hours, 10 minutes
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Re: so i have like 15-20K in debt that i want to consolodate and pay off [Re: tak]
#8274883 - 04/12/08 08:23 PM (5 years, 1 month ago) |
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fuckin credit and all that bs....
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jajapee
Teh Bonerz
Registered: 04/13/08
Posts: 726
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Re: so i have like 15-20K in debt that i want to consolodate and pay off [Re: SheikCorp]
#8280203 - 04/14/08 01:05 AM (5 years, 1 month ago) |
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It just sucks that when it comes to credit it takes forever to build it up, but easily comes crashing down.
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I told Althea that treachery was tearing me limb from limb
Althea told me cool down boy, settle back, easy Jim
Forever Grateful
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Wronguy
Registered: 03/05/05
Posts: 4,450
Last seen: 1 year, 10 months
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Re: so i have like 15-20K in debt that i want to consolodate and pay off [Re: ZippoZ]
#8291022 - 04/16/08 12:51 PM (5 years, 1 month ago) |
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Snowball it. Make the minimum payments you can on the largest debts from largest to smallest. Take the smallest debts you have and pay them off as soon as possible. Make some small sacrifices if you can afford it.
Take the remaining balance of what you used to pay off the smallest debt and put that entire amount, plus your normal amount, into the next smallest debt. Continue doing this until all your debts are paid.
I will go on record here and tell you NOT to get a second mortgage on your home if you own a home and avoid consolidation loans. Here is the problem with these two:
Second Mortgage:
1. Unnecessarily increases the amount of your home's loan to value.
2. Increases the amount of time it takes to pay the loan off. Do the math, 15-30 years to pay off a debt you can pay off in a few years on your own.
Consolidation Loan:
1. Puts a blanket interest rate on all your debts. This may increase some while decreasing others.
2. Usually higher interest rates because this type of loan is considered higher risk. May not even be approved without good collateral.
3. Increase the amount of time it takes to pay the loans off, as all loans are now under a blanket time frame. Might be good, but might be bad.
If you're in to torrents, I highly recommend you take a hard look at John Cummuta's Transforming Debt Into Wealth. It's available at most torrent sites and is packed with great information on this very subject. Most of it is known already, but it's a lot easier to implement when you have all the information at your fingertips.
I hope this helps.
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