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| *Ostroff, Fair and Company>>>Credit |
How do i pay off my debt? |
I have about 3000 in credit card debt (very high interest rates!) , and 8000 in car payments. What can i do? I hear loan consildation thrown around but i dont understand that. What are other suggestions. consolidate with a used auto loan. if you have more than 20% equity on your car (example, car is valued at $15K, you owe $8K, your equity is $7K) then refinance your car for $12K used auto loan through your bank. $8K will pay your car with your other lender, payoff your $3K credit card debt, & save the $1K for emergency. then live off your income. don't use credit cards until after you learn how to budget your spending. get 2 jobs, or like theres those programs on TV that can help you and stop the creditor calls or w/e Find a RICH spouse. Debt consolidation is rarely the answer. Throw everything you can at the smallest bill first-get rid of that one and move to the next one. Pretty basic I know but it works. Good luck with this. Personal experience First, stop using credit cards. Second, see if you can do a balance transfer to a lower rate card. Third, budget yourself to a set payment every month on the card that pays it off in a couple years, based on what you can afford. Get a debt consolidation loan from your bank. They will easily deposit funds into your checking account once you are approved and you can pay whatver you want back according to the loan payment. They have all types of loans for estimated time frames of payments. |
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