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Bookmark or Share- Debt consolidation, is it worth it? How was your experience?I did a debt management plan through a non-profit. It is different than a debt consolidation loan. I was very happy with it and completed it and paid off my credit card debt without issue. $60k is a lot of debt. If you are lower income, bankruptcy might make more sense for you.
- how to pick the best debt consolidation loan? : r/povertyfinance - RedditThis is great advice! I was told last year to do the multiple bank account method before going the loan route…setting up one account for only absolute expenses (rent, utilities, CC payments etc) with no debit card, another account funded with 20% of my paycheck for day to day expenses (food, gas, fun if possible) with a debit card, and a debt destroyer account funded with any remaining funds ...
- Debt Consolidation : r/phinvest - RedditDebt consolidation only works if a bank/ institution is offering a package of any negotiable instrument (either CC, managers check etc) with NO INTEREST or low APR for 12- 24 mos. Even though there is no/low interest rate within that 12- 24 mos, the institution is earning from you by YOU PAYING THE TRANSACTION FEE.
- Debt consolidation options : r/personalfinance - RedditLending Tree, SoFi, Best Egg, among others so personal loans for debt consolidation. Some require good credit. For any, you'll need good credit to receive the best interest rates. Barring all that, consolidating to a Wells Fargo loan at 15% is still going to be better than what you have now
- Should I consider debt consolidation? How to use it properly?? - RedditI have to stop trying to pay my CC bills, which puts my accounts in default, where the debt consolidation company, acting as my agent, can try to negotiate the debt down. Once they reach a settlement for a lower amount (ideally 30-50%), they have me pay a monthly amount into an account with them for an agreed upon length of time, (24-48 months ...
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