Debt Consolidation Loans: Pros and Cons
You dread paying your monthly bills; the balances aren’t decreasng, the due dates change, and extra fees keep adding up. What can you do? Getting a debt consolidation loan can help stabilize your finances and reduce bill paying chores. Here are some options, along with pros and cons for each.
Secured Debt Consolidation Loans
Home refinance or home equity loans: If you own your home, and have enough equity, you may qualify for a mortgage refinance or home equity loan. These loans provide cash to pay off bills, typically at much lower rates than credit card companies charge. The bad news is that adding to your mortgage amount can potentially increase your risk of losing your home to foreclosure. You also have to pay lender fees and other costs to refinance your mortgage or take out a home equity loan. These costs may negate potential savings unless you’re carrying a significant amount of consumer debt.
- Auto title loans: If you cannot qualify for an unsecured personal loan (and those with high levels of debt may have difficulty getting approved), you may be offered a “secured” loan, or vehicle title loan. Typically, you sign the title to your car over to your lender until you’ve repaid the loan. You keep your car, but this can be risky; if you fail to make payments, you could lose your car. Carefully weigh the benefits of consolidating debt with a secured loan; it may be worthwhile if you’re certain of your ability to pay off the loan quickly.
- Pawnshop loans: These are lenders of last resort; they charge exorbitant rates and many borrowers end up losing the goods they put up as collateral. Before going to a pawnshop for money, check into non-profit credit counseling. These agencies can help you reduce the cost of debt and work with your creditors to provide debt relief.
Unsecured Debt Consolidation Loans
An unsecured debt consolidation loan may be worthwhile, but only if you can pay off all of your bills with the loan. Unsecured loans involve greater risk, so lenders charge higher rates. Compare the APRs of your debts with APRs quoted for debt consolidation loans. The major risk with debt consolidation is that you incur future debts. If you doubt your ability to control spending and live on a cash based budget, a debt consolidation loan may lead to more debt. Consult a credit counseling service to learn more about debt consolidation and debt management assistance that can help you get and stay out of debt.
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Loading ...Credit Card Debt Levels Fall in September; Fees and Rates Rising
Consumer debt levels fell for the eighth consecutive month in September, according to a report issued by the Federal Reserve. Falling by an estimated annualized rate of 7.2 percent, U.S. consumer debt fell by approximately $14.8 billion. Consumers have reduced debt by about $86.2 billion since September 2008, but this isn’t as commendable as it seems. Included in this figure are debts eliminated through charge-offs by credit card issuers and lending institutions. The Fed estimates the rate of declining consumer debt to be about 10 percent for the third quarter of 2009.
What’s “Up” with Credit Card Rates and Fees?
Credit card companies are responding to recent legislation regulating some of their consumer-unfriendly practices by reducing credit lines, hiking interest rates, and imposing more fees. If you’re tired of traveling on the hamster wheel of credit card debt (you pay and pay and pay, and get nowhere fast), credit card debt consolidation may be an option.
Debt Consolidation and Consumer Credit Counseling
Consumer credit counseling services work as intermediaries between consumers and their creditors to provide affordable debt repayment solutions. If you agree to a repayment plan through credit counseling, you sign an agreement and make one payment to your credit counseling company, which then deducts its service fee and distributes what’s left to your creditors. Paying one bill instead of several helps avoid missed or late payments, and making steady payments helps reduce debt faster than if you continue racing along on the hamster wheel of juggling minimum payments and barely breaking even.
Debt Management Enhances Debt Consolidation Efforts
Credit counseling typically provides the following services:
- Evaluation of income and debts
- Develop a cash based budget including amounts required for your debt consolidation plan and emergency savings
- Negotiate terms of debt consolidation/repayment plan with creditors
- Collect and distribute payments to your creditors
- Provide ongoing support for budgeting and debt management
- Charge administrative fees according to income and ability to pay
If credit card debt is ruining your credit and your life, get debt help immediately. Credit counseling and debt consolidation solutions may take a few years, but reclaiming your life makes it all worthwhile.
(No Ratings Yet) Loading ...House Votes to Move Up Effective Dates of Credit Card Reform Law
The House of Representatives voted to move up the effective date for some of the legislation proposed under the Credit Accountability, Responsibility, and Disclosure Act (CARD). After constituents complained in the wake of receiving increases on credit card interest rates, lawmakers realized that something had to be done. Unfortunately for many of us, the credit card companies have already increased rates. The legislation that would be affected if the Senate likewise votes to move up effective dates includes:
- Banning retroactive rate increases on existing credit card balances.
- Protection from “triggered” increases in rates or fees resulting from one payment being late by a few days.
Unfortunately, consumer rights and welfare are likely to remain at the bottom of the priority list for credit card companies; they have tremendous influence in Washington D.C., and typically respond to regulatory pressure by passing along costs to customers.
Debt Management and Eliminating Credit Card Debt: The Consumer’s Solution
The best way to deal with credit card debt is by eliminating it. Whether you formulate your own plan for paying off your credit card debt, or seek help through credit counseling services, eliminating high cost debt is a strong step toward improving your finances. Here are some tips for dealing with credit card companies, paying off debt, and getting debt help.
- Shop credit card rates and offers: Compare credit card offers and don’t hesitate to transfer balances to new cards offering lower annual percentage rates (APR’s). The APR includes the interest rate and fees calculated as an annual percentage.
- Using balance transfers: Transferring balances between cards can work if you’re willing to carefully read offers and can pay off balances transferred during the initial offer period. Don’t stop reading at “zero percent for 6 months,” because balance transfers often carry transaction fees of three to five percent for each transfer. If you’re transferring from high rate cards, paying transaction fees may be worthwhile, but take time to do the math.
- Vote with your scissors: Stop using credit cards. It’s best not to close credit card accounts, because this can negatively impact your credit score. Pay off your highest APR account first, then concentrate on the next highest rate card, and so on until you’ve paid off your credit card debt.
- Create (and keep) a cash-based budget: The key to successful debt management is not carrying balances on credit cards. In order to do this, you need to make a household budget based on available cash.
- Getting debt help: If you’re stressing out over debt and it’s causing problems in your life, please seek debt help. You can work with a credit counseling service to arrange debt consolidation and affordable repayment terms. Regaining peace of mind and restoring financial security is well worth the effort.
(No Ratings Yet) Loading ...Credit Card Debt: Had Enough?
U.S. consumers are battling record unemployment rates, rising health care costs, and falling home values. And guess what? Meanwhile, the credit card companies stand at the ready, raising interest rates, imposing fees, and threatening to impose new fees on those who act responsibly and pay their balances in full each month.
Credit Card Debt: Is it Worth It?
Today consumers use credit cards for everything from charging cat food to buying trips around the world. We book hotels, buy flat screen TVs, and charge airline tickets with credit cards. In return, the credit card companies provide convenience along with certain purchase protections. Credit cards are definitely a convenience, but convenience turns to consternation when you carry revolving credit card debt. Finance charges are added to your balance. Minimum payments are so small it can take decades to pay off your balances. Your balances rocket skyward while your bank balance free-falls. You pay and pay. And you owe.
Credit Counseling and Debt Consolidation: Finding Your Way Free
If you’ve got credit spending under control, congratulations. But control doesn’t mean waking up in the middle of the night wondering if your last purchase at the TV shopping marathon put your ultra titanium credit card over the limit. If you’re stressing out with credit card debt, it’s time to get help.
Consumer Credit Counseling Services Can Help
These services help debtors learn how to manage their finances on a cash basis while paying off credit card debt with an affordable repayment plan. Depending on how much you owe, and how much you can pay, a credit counseling service arranges repayment terms with all of your creditors, and you make one scheduled payment to your credit counseling service. Your credit counseling service distributes payments to your creditors, so you also receive the benefit of low cost debt consolidation.
Professional credit counseling services can help you eliminate debt for a relatively low cost, especially when compared to the finance charges typically accruing on credit card debt. The downside to credit counseling is minimal, but you need to agree to certain requirements and understand what credit counseling services cannot do.
- Say good bye to your credit cards: Consumer credit counseling services negotiate affordable debt repayment for their clients, but credit card companies require that consumers repaying through such arrangements close all of their credit cards. That Visa stashed in the sock drawer? Toast. You are also required to agree that you won’t open any new credit accounts for the duration of your repayment plan.
- No “instant credit repair”: Credit counseling services cannot erase prior delinquencies from your credit reports, but by repaying debt over time, and lowering your debt levels, your credit should improve.
- No guarantees: Credit counseling services can help you get out of debt, but they cannot guarantee that you can qualify for future credit.
Gaining freedom from credit card debt is worth the work and time it takes. Contact a professional credit counseling service and start building financial security.
(No Ratings Yet) Loading ...Credit Card Debt Collection: Senator Cites Need for Increased Consumer Protection
A report issued by the Government Accountability Office (GAO) suggests that unfair debt collection techniques are commonplace. Senator Carl Levin, D-Michigan supports creating a new federal agency that protects consumer rights and enforces consumer entitlement to ethical collection practices. Although the Fair Debt Collection Practices Act (FDCP) was passed in 1977, Senator Levin suggests updating it to reflect new technologies and increasingly aggressive debt collection practices. It takes time to pass legislation, so consumers must protect themselves in the meantime.
Unsecured Debt Consolidation Options Scarce
Qualifying for an unsecured debt consolidation loan for enough to cover all of your bills can be difficult. Short of asking for loans from relatives and friends, what can you do? Consulting a credit counseling service can provide affordable options for repaying credit card debt. Credit counseling services don’t provide debt consolidation loans, but they do work with consumers and their creditors toward developing affordable debt repayment agreements. The benefits of repaying credit card debt through a consumer credit counseling agency include:
- Your credit counselor can help you develop a realistic cash based budget.
- Credit counselors can negotiate reduction and waivers of recurring fees that add to your debt each month.
- Your credit counselor may be able to negotiate lower interest rates. This helps you pay off your debt faster while keeping your debt from rapidly increasing as unpaid interest is applied to your credit card balances.
- Once you agree to a repayment plan through credit counseling, your credit counselor draws up a written agreement that’s approved by your creditors. Your repayment agreement also acts as a form of credit card debt consolidation, as you make scheduled payments to your credit counseling agency for all of your debts; your credit counseling agency deducts its fee and distributes the balance of your scheduled payments to your creditors. Making one payment instead of several can help you avoid late or missed payments.
- Once you’ve signed a repayment agreement, your credit counseling agency acts as an intermediary between you and your creditors. You can refer collection calls to your credit counselor according to the instructions and terms of your repayment plan.
Making one payment a month (or otherwise if required by your debt repayment plan) is easier than juggling several bills and avoiding phone calls at all hours. You are asked to destroy your credit cards and close your accounts. This may seem unreasonable, but it does ensure that you won’t incur more debt while trying to pay off the debt you already have. Don’t focus on losing your credit cards, but instead look forward to the financial freedom you can enjoy when you’ve repaid all of your credit card debt.
(No Ratings Yet) Loading ...Understanding the Connection between Debt Consolidation and Consumer Credit Counseling
You’re up to your ears in credit card debt and want a debt consolidation loan to lower your payments and streamline debt management. Unfortunately, it can be difficult to find a debt consolidation loan unless you’re willing or able to put up your home or car for collateral. Paying off debt with an affordable repayment plan through consumer credit counseling can be a welcome alternative to pricey unsecured debt consolidation loans.
Consumer Credit Counseling: How it Works
Non-profit consumer credit counseling services offer a package of services for a fee. In some cases, their fees are based on your ability to pay as determined by a review of your income and debts. Paying a fee to get out of debt often makes more sense for debt ridden consumers than paying more interest on a debt consolidation loan. Here’s a general picture of how credit counseling services work; policies and procedures vary.
- Initial interview: When calling for an appointment, you may be asked several questions about your situation, but legitimate credit counselors never ask for credit card information over the phone. They provide instructions about the financial documentation you need to bring to your appointment. Prepare this information well before your appointment in case you find that some of what you need is missing.
- Your debt consolidation and repayment plan: Your credit counselor reviews your income, assets, and unsecured debt obligations. This information is used to determine your eligibility for a debt repayment plan. These plans are set up according to your ability to pay and requirements of your creditors. Your credit counseling agency acts as an intermediary between you and your creditors. Your counselor attempts to negotiate lower finance charges and fee waivers, but usually cannot lower the balances you owe.
- Signing your debt away and cutting up your plastic: Once your credit counselor has determined the terms of your repayment plan, you review it and are asked to sign an agreement. As part of the agreement, you destroy your credit cards and close your accounts. This is a difficult step for many, but it ensures that you won’t sabotage your repayment plan by incurring more debt.
- Debt consolidation: You make scheduled payments to your credit counseling agency and they distribute funds to your creditors according to your agreement. You gain the dual benefit of debt consolidation and lower, less costly repayment terms. Congratulations!
Consumer credit counseling can be a beneficial alternative to unsecured debt consolidation loans. Contact a credit counseling service to learn more.
(No Ratings Yet) Loading ...Filing Bankruptcy: Seven Considerations
If you’re considering filing bankruptcy, there are some things to consider before doing so. Planning ahead can help in avoiding “surprises.” Bankruptcy provides a legal way to gain shelter from insurmountable debt, but it does not protect you from paying debts secured by real property or merchandise, such as your home or car. Here’s more information about how bankruptcy works and what you should know before filing.
- Which bankruptcy option best suits your situation? There are two types of personal bankruptcy, Chapter 7 and Chapter 13. Chapter 7 “wipes out” most unsecured debt and is typically filed by those who are unemployed or otherwise have no hope of repaying their debts. Chapter 13 bankruptcy allows those with steady income to restructure their debt and repay it within three to five years. This option can work for those who have returned to work after a long period of unemployment, or who have experienced a reduction of income. Consulting a bankruptcy attorney before filing can help in determining which option matches your needs.
- Bankruptcy stays on your credit reports for 10 years: Although filing bankruptcy provides legal protection from creditors, and may eliminate or reduce debt, it stays on your credit record for ten years, and can severely lower your credit scores. Credit counseling can offer debt consolidation and affordable repayment plans as affordable alternatives to bankruptcy.
- Don’t try to shelter your assets: You may be tempted to transfer assets to relatives or friends before filing bankruptcy, or repay friends and family in advance of repaying creditors. Don’t go there! The bankruptcy trustee can sue to recover assets transferred this way. You may also be subject to prosecution for fraudulent transfer of assets.
- Certain assets are exempt from bankruptcy protection: You can’t file bankruptcy to avoid paying taxes, alimony, or child support. Most student loans are exempt from bankruptcy protection. Secured credit accounts including mortgages and auto loans are also not extinguished by filing bankruptcy, although payments can be temporarily delayed.
- Continue paying on secured accounts: If you want to keep your home and car, it’s best to continue making payments during bankruptcy. This prevents additional negative credit reporting and can help you avoid paying late charges.
- Bankruptcy attorneys require payment in advance: Any money you have after filing bankruptcy becomes part of your bankruptcy assets; attorneys expect payment up front. Filing bankruptcy can cost a few hundred to thousands of dollars depending on the complexity of your case and customary fees and costs in your area.
- Bankruptcy won’t solve underlying issues: If you got into trouble with credit card debt due to overspending or other financial mismanagement, it’s important to get help so you can avoid future financial problems.
Filing bankruptcy is a major financial decision that can impact your life for years. Consider seeking credit counseling to learn more about bankruptcy and options that can help you avoid bankruptcy.
(1 votes, average: 4 out of 5) Loading ...Mortgage Delinquencies Up, Credit Card Delinquencies Down
Homeowners defaulted on their mortgage loans at a record rate of 7.58 percent during August 2009, while credit card delinquencies decreased. Homeowners missing mortgage payments risk losing their homes to foreclosure and long term credit problems resulting from filing bankruptcy. If you’re deeply in debt, and are juggling bills from month to month, credit counseling services can potentially offer debt help and debt consolidation through a negotiated repayment program. Here are some tips for debt management and getting debt help.
Getting Your Debts in a Row
Before you can find the help you need, you’ll want to determine exactly where you stand. This means it’s not OK to throw credit card bills away without opening them, or dodge phone calls from creditors. Before contacting credit counseling services, you’ll need to assemble some information:
- Documentation for all sources of income: This may include copies of W-2 forms and tax returns from the prior year, bank statements, and direct deposit advice forms. Determine your monthly gross income (before deductions) by dividing annual gross income from all sources by 12. Write down your monthly gross income, and monthly totals for the following categories.
- Calculate monthly living expenses: Write down how much you pay for groceries, health care, utilities, household items, pet care, clothing, grooming, home maintenance and repair, and vehicle expenses each month. Add anything else that isn’t shown here, but don’t include your mortgage payment.
- Housing expense: This includes your monthly mortgage or rent payment, and amounts paid for homeowners association fees, property taxes and hazard and mortgage insurance.
- Fixed obligations: This includes credit card payments, student loan payments, car payments, and loans owed to finance companies or other lenders. Add up how much you owe and the total of all monthly minimum payments.
Subtact your living expenses from your gross income; the amount remaining is how much you have available for paying debts. If you don’t have enough remaining for making minimum payments, credit counseling may help you avoid filing bankruptcy.
When contacting a credit counseling service, have your financial information handy. Also make sure to write down any instructions you receive. Keep your appointment and show up a little early; this indicates your readiness to get out of debt.
Credit Counseling: The Importance of being Honest
Professional credit counselors receive training that helps them evaluate individual circumstances and develop debt consolidation/debt repayment plans that are acceptable to your creditors and affordable for you. Answering all questions honestly and without trashing your creditors, the boss who laid you off, or your just plain rotten luck helps your credit counselor get down to the important business of negotiating with your creditors. One aspect of credit counseling that may be especially difficult is giving up your plastic habit–and your plastic. Credit card companies typically require closing all active credit accounts as a condition of your repayment agreement. This inconvenience eventually fades as you work your way toward being debt free.
(No Ratings Yet) Loading ...Credit Card Companies Strive for Consumer Friendly Image: Don’t Buy It
Consumers are telling credit card companies to take a hike. In July, revolving credit fell by $6.1 billion. As card issuers have increased rates in anticipation of regulatory legislation taking effect, customers appear to be jumping ship in droves. In response to losing business, credit card companies are developing new credit card products that are supposedly “customer friendly.” A major bank has announced its forthcoming “basic” credit card that provides the same adjustable rate for all types of transactions including purchases, cash advances, and balance transfers. Customers will no longer pay over limit fees, and will be assessed a flat fee for late payments. No doubt other card issuers will follow this trend, but don’t get too excited. Industry leaders anticipate raising interest rates for credit cards for recouping profits previously gained through discontinued or lower fees.
This amounts to a kind of shell game for consumers; you’re going to pay high finance charges, but it’s up to you to figure out exactly how your annual percentage rate (APR) is assessed. It doesn’t matter whether it’s generated by transaction fees or increasing interest rates. Of course, if you pay your balances in full and on time each month, you can eliminate interest charges and late fees.
Getting Out of Debt: Stop Shopping and Get Debt Help
If you depend on credit cards for recreational shopping, you’re probably paying a lot more for what you buy than you know. Carrying balances on credit cards leads to escalating balances, and who wants to be paying for a designer bag long after it’s gone out of style? Getting out of debt can yield a better return for your money than typical deposit accounts or investments. Developing a debt management plan on your own or seeking debt help through a credit counseling service can put you on the track toward financial freedom.
Debt Help: Escaping a Financial Nightmare
If you always screen your calls, delay opening the mail, and haven’t balanced your checking account in months, you may benefit from getting debt help. Credit counseling services can help you design an affordable cash budget and negotiate affordable repayment terms with your creditors. Although your balances may not be reduced, credit counseling services can often negotiate waivers of late fees, overlimit fees and membership fees. In exchange, you’ll pay the credit counseling service a monthly fee, along with the amount you’ve agreed to pay toward your debts each month. You will also have to close your credit card accounts, but this is a small price for achieving financial solvency and regaining your sanity.
(No Ratings Yet) Loading ...Something Better Than Nothing: Credit Card Companies May Negotiate
The Washington Post reports that credit card companies are increasingly willing to negotiate directly with consumers who have unmanageable debt. Credit card customers experiencing long term lay offs or reduction in income may now be able to negotiate more favorable terms for settling their credit card debt. Against the background of falling consumer debt rates, this development seems to indicate that credit card companies are turning a corner with regard to hearing customers’ concerns. In July, consumers reduced their debt by about $21.6 billion, the highest rate since the Federal Reserve began keeping records. Consumer reluctance to rack up more credit card debt and insistent cries for debt help may be working.
Self Debt Help: Calling Your Credit Card Company
Credit card issuers are not publicizing eligibility criteria for modifying the terms of consumer credit cards, but it can’t hurt to ask. Here are some things to keep in mind when calling:
- Have your account numbers and information handy: Have your most recent statement on hand when you call. That way you can verify your balance, the APR, and account number with customer service.
- Be ready to speak honestly, and in detail: Credit card issuers are more likely to provide assistance when they realize that you are in deep financial trouble and cannot repay your debt. Supply dates of unemployment, the amount of monthly income lost, and other details pertinent to your situation.
- Limit information to facts: “Just the facts, ma’am…” The famous line from an old TV show is great advice. Creditors don’t want to hear excuses, or your opinion of your former employer, or of their inustry. Provide specifics such as how much you can afford to pay each month, or the date you’ll be released by your doctor to return to work.
- Be positive and professional: It’s embarrassing and frustrating to discuss financial problems with a stranger. Regardless of how angry, embarrassed, or frustrated you feel, don’t lapse into yelling, cursing, or making threats. You’re asking for debt help, and the credit card company can either say say “yes” or “no.”
If your creditors won’t work with you directly, don’t panic. You can get help with managing credit card debt.
Credit Counseling, Debt Consolidation, and Debt Settlement
If you are committed to eliminating your credit card debt, credit counseling can help you develop a cash based budget and negotiate an affordable debt repayment plan. Credit counseling services typically require you to make one lump sum payment per month; they deduct their fee and distribute the rest to your creditors according to your repayment agreement.
Debt consolidation is a way of rolling all of your debt into one payment. Options for doing this include borrowing a personal loan to pay off several credit card debts, or transferring multiple small credit card balances to one credit card. Credit counseling can also provide a form of debt consolidation as described above.
Debt settlement involves negotiating with creditors through a law firm or debt settlement company. This option may be your last option before filing bankruptcy, after credit issuers and credit counselors have told you they cannot help. If you’re several payments behind on multiple debts, a debt settlement service may be able to settle your debt for a fraction of what you owe. Your credit scores will suffer, but debt settlement is not as serious as filing bankruptcy.
(No Ratings Yet) Loading ...- This blog covers a wide variety of debt consolidation and loan topics.
We rely on a large network of financial experts and leading authors to write the content for the DebtHelp.com Blog.
Debt Consolidation Loans: Pros and Cons
Bankruptcy Has Repercussions for Years
Credit Card Debt Levels Fall in September; Fees and Rates Rising
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Chris Rocks is the Regional Director of the National Credit Federation (NCF). NCF is a nationwide membership-based organization that assists consumers recovering from a financial difficulty and those who need a significant increase in their credit score.
Chris began his financial services career as a Financial Advisor helping young families with risk management and asset accumulation strategies. It was during that time that Chris realized that many of these young families also needed someone to guide their choices with regards to debt management.
He made the transition into the mortgage industry where he first worked as a loan originator and later the Vice President of a small mortgage company. As Chris came across clients who had suffered through financial challenges and saw the difficulty they had in re-entering our credit driven economy, he discovered there was a real opportunity to leverage his unique background and help others.
He can be contacted by visiting his personal site, GoodCreditLiving.com.
Francine L. Huff is the Publisher and Editorial Director of Super Savvy Publishing, LLC, which provides editorial and publishing services. She is a gifted author, freelance journalist, and motivational speaker who has entertained and motivated a variety of audiences through workshops, panels and keynote addresses. Francine is the author of The 25-Day Money Makeover for Women, which has inspired and motivated many readers to rein in poor financial habits, become good stewards over their money and work toward a debt-free life. She has appeared on a variety of TV and radio shows. Francine previously worked for the Wall Street Journal, where she was the spot news bureau chief, a news editor and a copy editor. She has interviewed a variety of financial professionals about financial issues and strives to present information about managing money in an easy-to-understand format that is accessible to people of all backgrounds and income levels.
Karen Lawson is a freelance writer with more than 15 years of experience working in mortgage banking and loan servicing. She holds BA and MA degrees in English from the University of Nevada, Reno.
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