I want to consolidate my debt?
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I have great credit, but a little to much debt. I would like to consolidate my debt without hurting my credit to bad. I would like to be able to pay less than what I am paying now. Paying for many years does not bother me, some of us can only make it with payments on everything (that’s me, the world is to hard and expensive today). Does anyone know a good place to go with?
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Well, if I were you, I’d look around for a Credit Union. Almost all credit unions, at least the four that I have used extensively, had: (1) great rates; (2) an education program; (3) debt counseling — the non-rip off kind; (4) were honest with you; and (5) usually have your best interests at heart. In recent years, the membership requirements have been loosened. It’s now as exclusive as rainfall. The last one I joined, I had to deposit 25$ in my account as a “membership fee”. It paid interest, and I still don’t understand, but you have to “join”. Look around. I’m sure you can find one you can join. If all else fails, I can “adopt” you. :-)
You also have to change your thinking a little. Credit card debt is a “disaster”. You’re a slave to those payments. The interest rate is only part of the “cost”. Don’t be late or you’re socked with fees. They play games with when they “get their mail” and other dirty tricks. Finally, it affects your thinking and your future choices. You think it’s ok and you get in the habit. Next you know it’s juggundo godzilla size debt. And, you have to keep working at your current job because you “need to make your payments”. That precludes switching careers, taking time off, or just not having to remember to make a payment.
Disclaimer! I’m not “suzy orman”, don’t work on Wall Street anymore, and have not stayed in a Holiday Inn Express. But, I do blog about money from time to time. And, I’ve made a lot of mistakes with my own money. So I’ll claim “black ‘n’ blue” credentials from the University of Hard Knocks!
Hope this helps.
fjohn
*** in addition, an after thought ***
I probably could have stressed “thinking” first and “credit union” second. Consolidation, without improved thinking, will just lead to more debt. I probably should have referred to Dave Ramsey, who is the king of “i’m debt free”. That’s the other extreme.
Reinke Faces Life 