Debt Got You Down? You Do Have Options.
We were relatively debt free until one son started spending at least one night a week in jail and the other son moved back in with us and started school. All of a sudden, we have credit card advances for bail money and lawyers; line of credit advances for tuition and schoolbooks; higher grocery and utility bills. The fact that the economy has taken a nosedive has not helped our situation at all!
My husband and I have been discussing alternatives to bankruptcy. We could take out a home equity loan or refinance our home, again. We could also go to a loan company and get an unsecured personal loan at a high rate. We could transfer our credit card balances from one card to another, hoping to stay ahead of the game.
We are going to secure a debt consolidation loan so that we will be able to roll all the debt into one loan with one payment. Lowering payments through debt consolidation is a better alternative to turning our bills over to a credit counselor. Nothing wrong with credit counseling, I just want to keep my credit in our name and under our control. With a debt consolidation loan, we would have one monthly payment, so we can concentrate on retiring that debt in about four years.
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2 comments:
I recently came across your blog and have been reading along. I thought I would leave my first comment. I don't know what to say except that I have enjoyed reading. Nice blog. I will keep visiting this blog very often.
Susan
http://www.car-insurance-choices.com
Hey thanks a lot for such a wonderful information. I was actually looking for these information for quite a long time and i believe i have landed at the right page. I really liked your ways of expressing thoughts. You write too
well. Moreover your article contains some worthy information which i guess will help lot of people. Thanks once again. Keep up the good work. God bless you. Knowing how to stay out of credit card debt is important because credit card debt is a debt that acts more like quick sand then any other debt that you will ever owe. Not knowing how to stay out of credit card debt often lands people in a spot where they have spent their available limit on their credit card consolidation and they are often left in paying the very minimum payment every month. By doing this, you are basically throwing your cash away because your payments will mostly go to interest rates and fees. Once you are at the point of being stretched to the limit, you are stuck there and if you ever miss a payment you are then going to be hit with an incredible amount of fees that will make it even harder to catch up.
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