Financial Help! Should I apply for a debt consolidation loan? Or ...

Question by Anonymous Guy: Financial Help! Should I apply for a debt consolidation loan? Or should I negotiate with creditors?
My father and I together have 5 credit cards, and 3 loans. Each credit card is of a high APR. The loans have a descent APR.
Our balance on the 5 credit cards are over 60,000 USD.
Our balance on the loans are about 4,000 USD.
I have a descent credit score, but I have alot of debt.
Every month I pay alot of interest with the credit cards.. It?s very overwhelming.

I need advice on how to manage all this. Our income is very limited. I have a part time job as I?m a student. I earn about 500 dollars a month. My father earns about 5000 to 6000 a month.

What are some possible solutions to cut down my credit card debt?
A debt consolidation loan? How would I get that? Which creditor is good for that?
I?ve also heard something about negotiating with the credit card companies, how does that work?

Best answer:

Answer by just me
Negotiate with creditors. Just found out by the loan agent at my bank that a debt consolidation loan will lower your credit score, and also to never let a financial institution know you are getting a loan to pay off a loan it goes on your report as suck and also lowers your score. Say it is for vacation, to fix the car, house whatever just not that it is to pay another bill.

Know better? Leave your own answer in the comments!

This entry was posted on Sunday, June 3rd, 2012 at 4:23 pm and is filed under loans. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

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