My wonderful , but obviously money happy boyfriend has accumulated around $13k in credit card debt. He has 4-5 credit cards, one with a balance of $7k. He does not own a house. we tried the bank where he has his truck loan through, but he cannot get a loan because he has no collateral. what can he do now? we want to start moving in the direction of marriage and a family, but not with this looming over us. what is the best way to resolve this issue?
go to prosper.com and signup and ask for a loan. cut the card too
Your boyfriend needs to get his credit card debt under control. I would suggest talking to Consumer Credit Counseling Service. they are free and will work with his credit card companies to lower his interest rate and monthly payments. I used them several years ago and they were a live saver. In three years I was debt free.
He may need to seek credit counseling. He obviously has a reliance on credit cards that he should address before you get married (Note: financial stress is one of the two biggest reasons for divorce).
He needs to give up use of those cards and learn to use credit more responsibly. If you suggest he visits a credit counselor, then they can discuss that with him very tactfully. they can also likely help him get lower interest rates so that he can pay it off much faster.
Hi,
Try to go on this web site: http://www.gotoinfolink.com
they have many info and link about credirt card.
Hope that help !
Jeff
This is what I did:
I signed up for a card with 0% interest on balance transfers for a year.
I transferred both of my high interest cards, and CUT UP the new card.
I paid the new card off within that year, with no interest.
The reason why I cut up the new card was because if I made purchases on it, the interest on the purchase and the purchase would be paid after the balance transfer.
Consolidation is the best solution available to the credit cardholders to improve their future credit. People go for debt consolidation for many reasons: prolonging the loan period from 5 - 15 years and reducing the interest rate. Consolidation allows you to go for a loan with lower interest rate than the one you are currently paying. besides it simplifies the loan repayment as you are paying only one lender in place of various payments to different lenders.
Before consolidating your credit card debts, it is important to carry out thorough investigation to determine its suitability for your condition. Many credit card companies and banks provide debt consolidation services to their customers. to start the process, it is important to scrutinize your debt properly. Write down the interest rates charged on various cards. If the new rate is far below average of the old one, then opt for consolidation as it will be cheaper for you. After you get all the information, contact a professional, to assist you with the consolidation, and get the best offer.
Debt consolidation is also provided by credit-counseling firms. these firms will total up all your monthly debts and let you make one payment to them. With this amount, the firm will pay the lenders till the entire debt is cleared off.
How do I consolidate my credit card debt?
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I have used a debt consolidation service and it worked great for me. I had overdue credit cards, bills and school loans. They will work with your debtors to get your interest rates down too. It probably saved my financial life! I used Consolidated Credit Counseling Service.
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ALso, I might suggest getting an appt with the Consumer Credit Counseling service, they might be able to help with some of the financial problems. I've got a mtg with them next wednesday.
Seek put a credit counseling service. Make sure you read reviews online, as some can be sketchy. But a good one will negotiate a lower interest rate with the CC companies and get you on a set payment plan. You can then put the $7,000 toward the principle of that and get your total debt paid sooner, at a lower interest rate.
What can a Non Profit Credit Counseling Service Do for you?
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I think can answer your question. "What Exactly is Consumer Credit Counseling Service?"