Question:
WE HAVE ABOUT 12 CREDIT CARDS TOTAL 25K + 2 OF THEM CLOSED OUT ALLREADY EVEN THO WE STILL OWE PLUS SOME SECURE LOANS OF ABOUT 1200 PLUS 2 CAR PAYEMNTS TOTAL 800.00 AND MORGAT..WHAT IS THE BEST WAY TO LOWER BILLS
Answers:
Usually with debt consolodation you are taking out one big loan to pay off the debt, preferably with one lower monthly payment. This does not reduce the amount of debt owed at all and some people very irresponsibly go out and re-max their charge cards puting themselves in a huge hole they cannot get out of.
Chapter 13 reduces the amount owed to unsecured creditors and establishes a monthly payment (which if I understand correctly can change over time). This method will significantly hurt your credit.
Hi.
There is a well recommended consolidation site on here:
http://qurl.com/ksh9f
Avoid the bankruptcy by all means, this will hurt your credit tremendously. Do you have equity in your home? If so, apply to refinance your mortgage to consolidate. This will reduce your overall rate of interest and drop your monthly payments drastically. If you qualify for a debt consolidation refi then close your open credit cards to avoid this from happening again. You can click on my icon and send me an email to see if I can try to help you.
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