|
Debt Consolidation or Loan?
Q. I am looking to get rid of my credit cards, I have seen many adverts for debt consolidation services, but surely these places make a profit on you, and It must do real harm to your credit rating? I was wondering if anyone could advise me whether it would be wiser to get a low interest loan (7.1% is the best I found) or go through a debt consolidator? The amount on all cards combined is about £10,000.
A. Well, "thrill-seeker", the first step is to start spending less than your income. Otherwise, if you borrow more you are only storing up trouble for yourself. The first thing to do, therefore, is probably to cut up all your cards. Have you worked out your income and necessary expenditure? What margin if any have you got towards repayments? How many cards have you got? Any other debts you have problems with? Is the loan secured on property? Is 7.1% rate a true APR or a flat rate?
Ask Edwards a Finance Question
Other Questions:
Bankruptcy, Chapter 13: selling a house.
I try to buy a house from a seller who filed chapter 13 bankruptcy last year here in NY. (Unfortunately I discovered this fact just recently). His plan is set up for 60 months and he made payments for less than one year. Everything is pre...
Filing Income taxes after filing for social security disabilityI filed for social security disability in May of 2006 and it is currently in appeals so I have not been approved. I have not worked at all since 2005 and had no wages in 2006. How do I go about filing income tax for 2006 since I do not ha...
Do you want search bankrupcy Law?Where can i Bankruptcy Law Search?OPINION SUMMARIES ARCHIVE FindLaw archives case law summaries of opinion issued since September 2000 by the U.S. Supreme Court, all thirteen Federal Circuit Courts, the California Supreme Court, the Ca...
In form 1120 the federal income tax is based on the net income. that federal income tax amount..In form 1120 the federal income tax is based on the net income. that federal income tax amount, should it be an expense or should it be charged to retained earnings?-In the books of a company when they close the books for the year, one of the ...
information Related to Filing Bankruptcy for Chapter 7 ....
Ask a Question
About Us / Me
Contact Me
Privacy Policy
PFBlog
Google Finance
Yahoo Finance
Motley Fool
Nveille's Financial Blog
AllFinanceMatters
Free Money Finance
2MillionBlog
The Terror Finance blog
Credit Card
Bankruptcy
General Engineering
Income Tax
Debt Help
Phones
Foreclosure