Bad Credit Debt Relief

1. 7 Responses to “Is there any option for debt consolidation if you are NOT in default with good credit but no equity?”

2. By bobby d on Mar 23, 2009 | Reply

   ask your credit card company to lower the rate, or transfer balances to lower rate cards

3. By Viv on Mar 25, 2009 | Reply

   I work in insolvency so I come across this everyday! The only way to do it is if you keep transferring the balance onto other cards. If you have a lot of cards though it’s very risky and a lot of hassle. It’s generally better to just pay off as much as you can every month as you won’t pay as much interest!
   You could always take out ONE low rate credit card for a few months to use for your living expenses and then use your income to pay back the other cards. It depends very much on what you owe on them but in my job id really advise that you pay thm off asap and never use them again unless for emergencies or you can afford to pay off the whole balance every month!

4. By Jeanne R on Mar 25, 2009 | Reply

   Since you are not in default you can call the credit card company and ask to have your interest rate lowered. If they won’t lower it, you can open a new 0% interest rate card and transfer your balance. The 0% introductory rate usually last 6-12 months and you could pay off your credit card in that time period. If you have more than one high interest rate card, transfer as much as you can to the new 0% card from your highest interest rate cards. With luck you can transfer ALL of your high interest rate credit card debt to low or 0% cards. After you get your transfers done follow this system:

   Pay the minimum due on all of them and then put your extra money towards paying off the highest interest one first. After you get that one paid off, you put the money you were paying on card #1 (the minimum payment and the extra payment) towards card #2. That will pay card #2 off faster. When that is paid off, you put all three payments towards card #3 and that one will be paid off pretty quickly. As an example:

   To start :
   Card #1 (highest interest): minimum payment+ extra payment
   Card #2 (middle interest): minimum payment
   Card #3(lowest interest): minimum payment

   Card #1: paid off
   Card #2: minimum payment from Card #1+ Minimum payment from Card #2 +extra payment
   Card #3: minimum payment

   Card #1: paid off
   Card #2: paid off
   Card #3:Mimimum payment from card #1+ minimum payment from Card #2+ minimum payment from Card #3+ extra payment.

   That way, you will get them all paid off, on time, and pay the least interest. It will also help towards rebuilding your credit since you will no longer have any late payments. This works no matter how many different debts you may have.

5. By Ervin on Mar 26, 2009 | Reply

   You can go for a unsecured debt consolidation loan where you can get a low interest rate compared to any banks and the added advantage would be, it will also improve your credit score as subsequent payments are made to pay off the new loan.

   Here is one of the source which I know of a debt consolidation company named for your reference.

6. By Ankita on Mar 27, 2009 | Reply

   If you really need some help, I will suggest you a site. Where you can get your Consultation free of Charge!

   No credit check required to get started with your free debt consultation.

   

7. By Elia R on Mar 30, 2009 | Reply

   I’ve heard good things about this one.

   Goodluck!

8. By Jennifer on Mar 31, 2009 | Reply

   Hi,
   I used “Credit Solution” to settle my debt and avoid bankruptcy.They managed to reduce my debt up to 58%.It’s legitimate.I came across this company on NBC News Special Edition.Check it out here:

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