Providing families with debt relief services information

Chase Whitney answers:

Check out www.callusfirstfinance.com to see what the providers are after they are some non bank lenders on the panel good luck

Chase Whitney answers:

This is actually a pretty easy answer. If you can get a consolidation loan at a lower interest rate and can afford the payment, you should do it.

Otherwise, it really is a discipline issue. Any installment loan will have a fixed payment, but the payment would certainly be higher than the combined credit card minimum amounts. Therefore, there is nothing preventing you from paying the same amount (as the would-be installment loan payment) on the credit cards each month. Depending on the balances, most would say pay the higher interest rate first but there are benefits to paying off one completely first as well. The interest rates are close enough that I really don’t think it matters where you put the extra money as long as the balances are coming down each month.

The only possible benefit to getting an installment loan at a higher rate than the cards would be to try and quickly improve your credit score. This is not a given depending on your credit file but in theory, reducing your credit card utilization should have a pretty big impact on your score. This is assuming your utilization is over 35% with current balances. Paying these off with an installment loan could improve your score more than the negative impact of opening a new account and taking an inquiry or two to get the installment loan. If you do not need the bump quickly, I would NOT get the installment loan unless the rate is lower. It doesn’t make financial sense and there is not a 100% guarantee transferring the debt from cards to an installment loan will improve your score.

I cannot answer your question about whether or not you can get a debt consolidation loan at a lower rate or not. That depends on so many things like credit, income, and assets that you really need to speak to a banker. I would recommend a credit union in most cases.

The only other possible thing you can do is contact the credit card companies and ask for a concession on rates or fees. If you have not been late, this is unlikely but many card issuers are working with the card holder more and more to reduce the payments, fees and interest they pay in an effort to stave off delinquency and chargeoffs. This is less likely in your case because the cards are already at a pretty low rate.

Otherwise, there really is not much more you can do that makes sense. Just apply as much as you can to the card balances each month. Just “pretend” you have an installment loan and pay that much each month – the results are the same.
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Hope that helps, post back if need be- regards

Good luck!

Chase Whitney answers:

Please do not try internet scammers, check them out 1st. But ii recently found out that your insurance company has GREAT consolidation loans are credit cards….of course depending on your insurance company (for your car)

Chase Whitney answers:

My advice is to get a job and you could afford to pay your bills.

Chase Whitney answers:

Yes because you are taking on new debt. Although if you make your payments on time for a few years your credit rating could be higher than when you started granted all other payments you owe you make on time.