Someone please explain credit card consolidation services

#26
#26
JZVOL said:
40!?!?! Holy crap.

I've only been married a little over 2 months and am already trying to find ways to keep my wife out of stores.
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When we went for our home loan the loan officer laughed and said you have a lot of credit cards. I knew we had a lot but if my memory serves it was 54 that were open.

My wife would probably have a perfect credit score if she didn't have so many open credit cards.........

We actually were talking about this this morning. She is absolutely sold on the Financial Peace Stuff with regards to paying cash for every thing.

We sat down and broke it down and we were spending over $400 going out to eat which is crazy!

I told her she has no choice but to live spartan like I wanted to when we first got married.....

:birgits_giggle:
 
#27
#27
we had 3 credit cards...now we have one and it's used for the business. Getting out of debt has been a big deal to us. I suggest staying away from the consolidation services.
 
#29
#29
OrangeEmpire said:
Maybe this is what my brother did. I think he went through a company called gnowles....?????

So really all your company did was lower your interest rate but you paid back every thing your had borrowed on a credit card?
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That is how the plan I was on worked. plan called Care One Credit. and I think their parent company is American Financial Solutions.
 
#32
#32
I'll tell you what, if you want to give me your name, ssn, and address I'll set everything up for you online.

P.S. just PM so these other jokers don't see your private info.
 
#33
#33
I can't think of a scenario where debt consolidation is a good idea.
 
#34
#34
JZVOL said:
I'll tell you what, if you want to give me your name, ssn, and address I'll set everything up for you online.

P.S. just PM so these other jokers don't see your private info.
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Herman Munster

805-66-9874

1313 Mockingbird Lane
Los Angeles, CA

Checking account routing number
00458005621
 
#36
#36
I think I'd look into credit counseling before I just rolled everything into one loan with either a bad interest rate, bad term or a bad settlement that is going to wreck your credit anyway. Maybe there are some out there that are actually beneficial, but I haven't seen one yet.
 
#37
#37
GAVol said:
I think I'd look into credit counseling before I just rolled everything into one loan with a either a bad interest rate, bad term or a bad settlement that is going to wreck your credit anyway.
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That is what is talked about in financial peace university.

Either way, credit cards are evil........ even though I have about every one imaginable......

I have a Victoria's Secret Angel card......

I mean really..............
 
#39
#39
JZVOL said:
hahaha, but I said PM you fool.
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I have lifelock!

:eek:k:

LifeLockImage.bmp
 
#40
#40
OrangeEmpire said:
That is what is talked about in financial peace university.
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Sometimes I catch Dave on the radio. He's probably a little over the top railing against debt, but on the other hand, if people even slightly followed his ideals and used a little common sense, I'm pretty sure taxpayers wouldn't be buying up $700 billion worth of bad paper right now.
 
#42
#42
GAVol said:
Sometimes I catch Dave on the radio. He's probably a little over the top railing against debt, but on the other hand, if people even slightly followed his ideals and used a little common sense, I'm pretty sure taxpayers wouldn't be buying up $700 billion worth of bad paper right now.
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Our problem was spending crazy amounts of money on silly stuff and having no savings.

I'll be honest....... when he talked about step one being $1,000 in an emergency fund...... I was blown away how silly, easy and even stupid I was for not doing this.
 
#43
#43
GAVol said:
I think I'd look into credit counseling before I just rolled everything into one loan with either a bad interest rate, bad term or a bad settlement that is going to wreck your credit anyway. Maybe there are some out there that are actually beneficial, but I haven't seen one yet.
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i'd only consider consolidation if your only other option is to not pay your credit card bills. Your credit can improve over time if you do debt consolidation but it takes at least 5 years of perfect credit. the best thing you can do is try to pay down the principle on some of your credit cards no matter how you can do it. peopel will be suprised how just a little principle drawdown can encourage the credit card companies to start offering you much lower rates.
 
#44
#44
OrangeEmpire said:
I hate to be intrusive, but all you do is call over the phone?

:question:
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Couple calls. I had to gather all creditor info after first call. Please don't let me pursuade you either way, but It was what I needed. It is not a loan in any way shape or form. There are some out there set up that way, but be very leary of those. Whichever you do please do your homework on them and call Better Buisness Bureau. I have seen no negative effects on my credit only positive, but to be succesful in the long term you do have to change the way you think about spending...I will be glad to answer any questions you may have if I can..
 
#45
#45
OrangeEmpire said:
Even the one Anti-dawg suggested?
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My personal situation was where, I could pay the mins on accounts, but as you know that is what they want and is a viscious cycle! Through this program much more of my payment went to principal. I went from a situation where It would take 27 years to pay off debt to now I will have done it in 3yrs, and have an emergency fund started of over $4000.00.
 
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