well if you consolidate your loan you would be refinancing the loan, you would be set up tp payoff the loan in 10 or more years and it would be like taking out a new loan. loan negotiation would be just to set up an amount to pay each month until the loan is completely paid, but it would be only if you wanted to increase the payments not to increase the time frame to pay it.
if you consolidate you have more time to payoff the loan, but you will also be paying more on interest.
if you negotiate you loan you will have higher monthly payments but you will payoff the loan faster.
I have alot of credit card debt. What is better debt consolidation or debt negotiation?
I work for a credit card company and is allways best to go for the debt consolidation program,if u do negotiation u be getting ur self in more debt
I have alot of credit card debt. What is better debt consolidation or debt negotiation?
It%26#039;s like asking what%26#039;s better : an apple or an orange?
Debt consolidation means you%26#039;ll pay back all your debts. You need some asset (usually a house) against which to borrow the money which will then be applied to the individual card debt. You then make one monthly payment. This is generally the best solution as it lowers the interest rate and it%26#039;s easy to budget around. However, it runs the risk that you%26#039;ll run those credit cards back up and now you have twice the debt (the consolidation loan plus the new credit card charges.) And you obviously need some sizeable asset against which to get the debt consolidation loan. That asset will now have a lien against it.
Debt Negotiation can lower your overall debt load and it can lower your monthly payments. However, it leaves a black mark on your credit history almost as if you%26#039;d filed bankruptcy. In my opinion, anyone considering this should seriously consider biting the bullet and filing bankruptcy as the court is then effectively your %26quot;debt negotiator%26quot; but they are more fair towards you, have no self-interest and a LOT more power than a debt negotiator.
Jeff
I have alot of credit card debt. What is better debt consolidation or debt negotiation?
call each one up and make a payment plan or settle for less
I have alot of credit card debt. What is better debt consolidation or debt negotiation?
Credit card debt consolidation adds up all your unpaid balances and converts them into a single payment. This payment is far lesser than each of the individual payments. When you finalize a plan with a debt consolidation company, the company repays your dues to your creditors. Then you make a single payment to the consolidation company every month. Your average new interest rate is much below the old interest rate.
I have alot of credit card debt. What is better debt consolidation or debt negotiation?
If a person has accumulated a large amount of credit card debt due to multiple credit cards, the need for a proper counseling for credit card debt consolidation can%26#039;t be understated. Credit card debt consolidation counseling helps a person get vital insights into the facts that can help him get control over the credit card debt.
Credit card debt consolidation counselors are experts with a good knowledge of debt management, budgeting and behavioral patterns of credit card holders. These services are vital for those struggling to manage their credit card debts. Also called credit counseling or debt counseling the credit card debt consolidation counseling brings immediate relief to a credit card holder.
A person seeking credit counseling can get it from two types of organizations. The professional or commercial organizations, and the non-profit organizations. As depicted by its name or categorization, the commercial organizations charge money for their credit counseling sessions and consolidation help on the other hand the non-profit organizations offer free of charge services. Just because the non-profit organizations are free, it doesn%26#039;t undermine their quality of service. The persons associated with such organizations are thorough experts and have lived the trauma of being under credit card debt themselves and hence bring their vital experience to the credit card holder.
When a person approaches a credit counseling agency, the first thing it will do is to take stock of the situation and get various facts about the credit card debt. The credit counseling agency collects data about the income, expenditure and spending habits. It will guide the credit card holder about budgeting benefits and try to inculcate good financial habits. Read more from: http://www.credit-card-gallery.com/artic...
I have alot of credit card debt. What is better debt consolidation or debt negotiation?
There is a great place to go with this. I was in a very similar situation.
This is getting help from real people without the use of banks or credit card companies. Good Luck!
http://www.prosper.com/join/lzc5wh
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