Reply
Contributor
pmbrian
Posts: 81
Registered: ‎10-12-2010

Re: Is debt consolidation a good idea?

What are your minimum payments in total per month?

07/23/12 - EQ - 733

Low Point - 558 in late 2009
Working towards being debt free! FICO Goal: 700+ and debt free!
In my wallet - AMEX Green, Discover Platinum, BOA Alaska Airlines Signature
Moderator Emeritus
MarineVietVet
Posts: 14,084
Registered: ‎07-14-2009

Re: Is debt consolidation a good idea?


pmbrian wrote:

A DMP will trash your credit, as they negotiate with your creditors for less than the full balance. 

 

Although trashed credit may not be so bad for you as you have gotten yourself in a hole with credit (as i have too) so you don't need any more credit :-)  How much is your income?

 

You are going to need to get a second job or increase your earnings at your current job and Benjamin is right - attack the smallest first and then snowball it on the other ones.

 

Sell anything you can - eat beans and rice - and check out Dave Ramsey - changed by financial life :-)


Not necessarily. A Debt Management Program is different that a Debt Settlement Program. Here are some older threads talking about the pros and cons of DMP's.

 

 

 

From a BK years ago to:
EX - 3/11 pulled by lender- 835, EQ - 2/11-816, TU - 2/11-782

"Some people spend an entire lifetime wondering if they've made a difference. The Marines don't have that problem".

Regular Contributor
Kylan1234
Posts: 143
Registered: ‎08-26-2009

Re: Is debt consolidation a good idea?

Yes, I am in the process of finding a second job now. I feel its the only way. Thanks for the advice too. 


Starting Score: TU-710 EQ-717
Current Score: TU- 732 EQ-726
Goal Score: 780 (for both)

Take the FICO Fitness Challenge

myFICO is the consumer division of FICO. Since its introduction 20 years ago, the FICO® Score has become a global standard for measuring credit risk in the banking, mortgage, credit card, auto and retail industries. 90 of the top 100 largest U.S. financial institutions use the FICO Score to make consumer credit decisions.

>> About myFICO
FICO Score - The Score that matters
Fair Isaac Corporation is a BBB Accredited Financial Service in San Rafael, CA
FOLLOW US Social Media Facebook Twitter Pinterest Google+