Debt Consolidation?

Has anyone ever done this before? I've been really getting into have our finances in order but I have so much debt from when I was younger that it's never ending. I'm making headway but it's so so slow. Biggest mistake ever was getting a credit card when I turned 18 Anyway, does anyone have any experience with this?

Re: Debt Consolidation?

Sorry I haven't but I'm VERY curious to know.

Re: Debt Consolidation?

Don't get overwhelmed - I was in the same boat and with about a year of focus and commitment I have gotten myself into a position where I am almost fully out of debt and my credit score has dramatically increased.

First thing is first...check out the current APRs that you are paying for your debt on each card. You can transfer balances to a card that offers a 6-12 month 0% intro APR. BUT, don't rely on transfer balances in the sense that you shuffle your debt around. My understanding is that if you transfer balances ONCE it won't impact your score. So, in terms of something you can do - try to find and apply for a card that allows you to transfer balances (most cards offer this feature). It will provide you with a period of time to PAY DOWN without generating INTEREST!

Maximizing your credit score requires a lot of 'finesse'.....you don't want to pay off and CLOSE your credit cards (although I closed all but 2).

Re: Debt Consolidation?

I did it. I too got credit cards at 18 and WENT TO TOWN, LOL! I joined dmcccorp.org they gave me a monthly payment and in about 3 years everything was paid off. I never closed the accounts just cut up the cards. I kept my target card and my chase visa. My credit score is near perfect now :) HTH!

Re: Debt Consolidation?

Is there some sort of professional I can have look at all of my stuff and make a recommendation?

Re: Debt Consolidation?

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Posted by 2010BTB

Is there some sort of professional I can have look at all of my stuff and make a recommendation?

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i would try looking on that website and calling them. they were VERY helpful

Re: Debt Consolidation?

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Posted by mtk1605

I did it. I too got credit cards at 18 and WENT TO TOWN, LOL! I joined dmcccorp.org they gave me a monthly payment and in about 3 years everything was paid off. I never closed the accounts just cut up the cards. I kept my target card and my chase visa. My credit score is near perfect now :) HTH!

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thanks for this info! i would def check it out!

Re: Debt Consolidation?

Yes, about 3 years ago I realized I was getting out of control and making no real dent in my credit card bills. I called one of the companies and asked if they recommended a debt consolidation company. I went through Money Management International. They consolidated everything, got my APR's down and I make one monthly payment to them. Well I'm happy to say that next month is actually my LAST payment and then I'm debt free!!!

eta: just wanted to add that this decision didn't affect my credit, if anything it helped. i was still able to purchase a home and get a great interest rate.

Re: Debt Consolidation?

That's awesome. Thanks so much girls. I'm going to really look into this over the weekend. I'm sick of getting paid and have 90% of my check gone to bills.