Need to pay off credit…is a consolidation loan the best way to go?
I am ,000 in Credit card debt. Would like to pay it down as quickly as possible at the lowest rates possible. NO DEBT CONSOLIDATION COMPANIES!! Was thinking about going to my local bank and asking for a personal loan, but I don’t own a home. What are my options??
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Your best option is to just pay down the cards yourself. Pay the minimum on your cards. Then, starting with the card with the highest interest rate, pay it down first. Once this is gone, pay down the card with the next highest interest rate etc. until they are all gone. This minimizes your interest.
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Do not use debt consolidators. They are dirtbags and it will appear on your credit report anyway. You will land up paying them to do something you can do yourself. The money you pay them could be better used to pay down your debt.
First of all you have to get organized. You have to have a good game plan to attack your debt. More on that in a minute. You need to stop using credit cards and all consumer debt. You can not get out of the debt hole if you keep digging it deeper by using credit cards every month. Stop using them now and cut them up. Use cash or debit for everything from now on. If you can’t pay cash, you can’t afford it. Period.
Please read a bood called the Total Money Makeover by Dave Ramsey. My wife and I read it 6 months ago and, WOW, were we stupid with our money. This book will help shed light on the real consequences of using consumer debt and what it does to your personal finances. It will show you how to get organized, set up a budget, set up emergency funds, pay off debt, save for kids college, invest and many other things. We thought this was strange at first, but let me tell you is is really great. We have made a 5 figure change in our debt load in that short amount of time by getting organized and attacking the debt. The thing is to do a budget and stick to it this month and every month. The budget shows where your money goes and where it is leaking out of your wallet/purse. Once you get mad enough at yourself and your debt situation, you will be able to make the change in attitude real ease. You will stop losing money buying useless crap you do not need. You need food, gas, shelter, and the like. You do not need to eat at a restaurant, go to the bar, buy another DVD, video game, shoes, clothes, etc. Once you start saying no to yourself, you can really start winning and getting out of debt. Just this morning I finished my spending plan for the month of May. May is in the books and we paid off another big old wad of debt. It is cool to see the monthly balances coming down quick. The key is to get responsible and become an adult. Time to grow up and do smart things with the cash. You must be honest with yourself and look in the mirror. This biggest cause of most peoples financial troubles are right in the mirror. Ours was.
Read the book and get on a debt reduction plan. This is a good plan. Nothing great was ever built without a good plan. This is the most important thing you can do in your entire life. Get yourself set up financially for a solid future.
My wife and I can not talk highly enough about this plan. I hope it works for you as well as it has for us.
Forget the debt "CON" solidators or any of these guys. You are smart enough to do this yourself. It takes discipline and character. It takes growing up and acting responsibly. It takes saying no. It takes using cash. It takes a budget. It takes not going out to bars/ restaurants/ movies/ vacations. etc.
You won’t get your budget right the first month. Nobody does. Keep at it. Once you get good at it, you will see your balances dropping like a rock. You only have 11k in debt. You can work through it.
Good Luck
I wish you all the best
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