and remember, the danger with a heloc is that if you dont stop your spending habits, you will end up with a heloc loan and empty credit cards to run back up and then you have twice the debt!!!!

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1984 300SD Orient Red/ Palomino
1989 560SEC
2016 Mazda 6 6 speed manual
1995 Ford F-150 reg cab 4.9 5speed manual

Have you tried calling the CC companies and asking them to lower your rate? Don't listen to the first person on the phone, ask to speak to a manager.

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1999 SL500
1969 280SE
2023 Ram 1500
2007 Tiara 3200

I did ask one credit card company a few months ago about a lower interest rate. It went nowhere. But I think I will try again and push harder this time.
It seems like you have to really get behind in payments before they will offer any rate deductions etc. Which is something I do not ever want to do.

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1985 Mercedes Benz 300SD, TMU
2015 Chrysler 200S

It's been said that; "if you can't pay off your monthly balances each and every month, you're already in trouble." I happen to agree with the addage, btw.

I agree, however I am able to pay the payments every month along with other household bills. I was just asking if anyone has had any positive or negative experiences with any credit card type counsling businesses.

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1985 Mercedes Benz 300SD, TMU
2015 Chrysler 200S

Call them again and be more pushy, say you are considering switching to their competition...

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1999 SL500
1969 280SE
2023 Ram 1500
2007 Tiara 3200

1st, my thanks to our moderator for pulling that BS counseling post !

"I have read and heard that some of these advertised are scams."

That should read.... that ALL of these...
They all stop paying your debts for 90-180 days while collecting your money and charging you to do so. Just guess what that does to your credit score. Many, many, many just keep collecting your money while NOT paying anyone except themselves.

Your RE rates suck. Todays market is in the mid 4's. That is sure where I would start and start with the current note holders.

x4,5 or 6 for Dave Ramsey. His program of econ should be taught in all high schools and anyone running for elected office should KNOW and PRACTICE solid econ.

He is pretty well nation wide on the radio and his guidance helps people with a gross income from 20k to 500k eliminate their debt and head for financial freedom.

The core of his program is extremely simple. Setup and abide by a strict budget. Pay your lowest amount off first, add that payment to the next and continue up the list. % is NOT the issue, the amounts are.

Cease using plastic which causes you to average 16% more spending and pay in cash only. Make you realize what your $150 + tip dinner really cost.

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1985 300D 198K sold
1982 300D 202K
1989 300E 125K
1992 940T

"If you dont have time to do it safely, you dont have time to do it"

"The democracy will cease to exist when you take away from those who are willing to work and give to those who would not."

I paid off about 34k in two years on a 50k salary (I worked 2-3 extra jobs to make a bit more during those two years though) to get myself out of the pile of debt my first marriage accumulated.

I did nothing more than educate myself about how to deal with money by reading Dave Ramsey's book and listening to his radio show online at work. I learned that I needed to take control of my money or it would control me. Treat my personal income somewhat like a business (as far as record-keeping and such).

Take the other's advice. Credit consolidations are doing nothing more than you can do for yourself. By Ramsey's book, read it, listen to his shows on the radio, internet, or podcasts. You'll get out of this hole quicker than you think you can.

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2009 ML320 Bluetec
1985 300CD
1981 300TD

Past Mercedes
1979 300TD
1982 300TD
2000 E320 4Matic Wagon
1998 E430
1984 300SD
1980 300SD

I also agree with the "Dave Ramsey type" approach, it's really just common sense; aggressively pay off your debt as quickly as possible and stop borrowing money. If you need more stuff than you can afford, figure out how to increase your income.

I went the route of transfering balances to a low interest card myself. I also paid off some of the other cards, with tax check and some other bonus checks. Some of the CCs will send some with 0% for a year or 2-3% for the life of the loan. The one did have a transfer blanace fee. Sometimes they don't. I put all of the debt onto one card. It also has the lowest regular rate. Then I plan to put what I would have paid on the other cards to pay off this one. Its a plan. Maybe not the best, but workable. Now, I did buy machinery with a lot of that debt. So, I have the possibilty of making money and paying it all off. I kind of messed up though. I should have kept track of that interest. As since it is business related, then it should be tax deductable.
Tom

I'm not sure about the US system as I know it is different from Canadian banking, but you should be able to obtain a line of credit with a significantly lower interest rate than your credit cards? If so, I would talk to a bank and explain you would like to obtain an LOC large enough to cover your current credit card balances. Explain you will be paying off the cards in full with the LOC. The bank may want you to close those cards (with proof), or they may close them for you, and/or potentially open a new card with them. Or simply just have the LOC. Since you are closing the cards, there is no net increase in your debt load, so the LOC should be obtainable if you have good credit.

This way you can transfer all of your credit card debt to an LOC with a lower rate and one payment. Set the monthly payment as high as you can manage to pay the principal down quickly.

Here you can fairly easily obtain LOC's at prime + 1.5% or so. Which would give 3.75% as of this typing.

Good luck!

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Chris
2007 E550 4Matic - 61,000 Km - Iridium Silver, black leather, Sport package, Premium 2 package
2007 GL450 4Matic - 62,000 Km - Obsidian Black Metallic, black leather, all options
1998 E430 - sold
1989 300E - 333,000 Km - sold
1977 280E - sold
1971 250 - retired

"And a frign hat. They gave me a hat at the annual benefits meeting. I said. how does this benefit me. I dont have anything from the company.. So they gave me a hat." - TheDon

Debt settlement has been introduced lately as the best "mousetrap" among the different debt facilitating mechanisms.

The trouble with any and ALL of these, is that if you are unable to establish better debt management habits, you won't really solve your problems, even if you DO somehow get out from under your debt.

Debt settlement works simply by NOT paying "unsecured" debt. You have to be willing to put up with annoying calls (at home and at work, if they have those numbers). A decent company facilitates letters that stop the calls...but the mailings won't cease.

There is a certain euphoric feeling of having a bit extra cash (although you should be squirreling it away for ultimate payoffs).

In light of Obama's credit card reform, banks have fought back. What WILL happen, is that cards that you may not carry a balance or even pay off religiously, periodically check your recent credit activity. Most of them will cancel your account immediately.

Good companies know how to counteract the actions that banks will take to collect, and to be honest, the letters can seem downright frightening...of course, that's the point...to get you scared into repaying. If you can endure the letters without soiling yourself, you can move on.

At the end, you are left with a crappy credit score and no credit cards. Most people throw in the towel right about this time and wind up crawling over to the same banks they snubbed earlier...so they end up back in the same rut.

If you have the fortitude to stick it out until you get all accounts settled (usually for as little as 20% of the original balance), the next "gotcha" is that the difference between the original owed amount and the actual payoff is taxable. So expect to add that difference to your adjusted income come tax time.

Also figure a couple more years to repair your credit. After settlements, most banks will remove the flag off your credit report, but remember, the damage was already done.

Don't ask me how I know so much about this process...

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2009 ML350 (106K) - Family vehicle
2001 CLK430 Cabriolet (80K) - Wife's car
2005 BMW 645CI (138K) - My daily driver
2016 Mustang (32K) - Daughter's car

Why do you care about credit ratings, are you planning on borrowing more money? The only real solution is to pay off all the debt, get rid of all the credit cards, and learn to live on actual money.

That works for day-to-day expenses...but unless you can buy a house without a mortgage or a new car without a note, it kinda gets important...

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2009 ML350 (106K) - Family vehicle
2001 CLK430 Cabriolet (80K) - Wife's car
2005 BMW 645CI (138K) - My daily driver
2016 Mustang (32K) - Daughter's car

Is that all credit ratings are good for? IIRC, jobs are looking at it and I KNOW for a fact that rental companies are. I know someone in the rental business who tells me that if you have too low a score, they reject you. Low score means you don't handle money well. Don't handle money well means you might default on the rent. Default on the rent means they have to sue you and evict you and what not. IOW, low score, high risk.

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01 Ford Excursion Powerstroke
99 E300 Turbodiesel
91 Vette with 383 motor
05 Polaris Sportsman 800 EFI
06 Polaris Sportsman 500 EFI
03 SeaDoo GTX SC Red
03 SeaDoo GTX SC Yellow
04 Tailgator 21 ft Toy Hauler
11 Harley Davidson 883 SuperLow