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Originally Posted by AdvisorGuy
Best to negotiate with your debtors as politely as possible.. Debt consolidation is a scam. You'll pay most of what you perceive to save to them as their fees and it does effect your credit rating. My sister has been in banking for 23 years now. Her former employer will NOT do any type of mortgage or business loan with you if you've EVER filed bankruptcy. No matter that it was 10-15 years ago and you're credit is good now.. They will not give you one of those loans PERIOD.. Try balance transfers to low rate cards.. If you have more than 1 credit card, try to get them all balance-transferred to a single low rate card. She does that all the time. 3.99% for one year then it jacks up ? Fine.. She just transfers it to another low rate card if she still has a high balance.
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I certainly could understand not being able to get a loan after filing for bankruptcy. I would never consider filing for bankruptcy. I have transfered balances as well to lower interest cards in the past. I am fortunate to say that I don't have to rely on credit cards anymore nor do I carry a credit card with me. I wish there was a way I could get my creditors to lower their interest rates to pay off the debt quicker. But I pay as much as I can(more than the minimum) each month. Oh well, you live and you learn!
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1985 Mercedes Benz 300SD, TMU
2015 Chrysler 200S
Last edited by JCSC2; 01-26-2010 at 08:43 PM.
Reason: mispelled word
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