Page 1 of 2 12 LastLast
Results 1 to 10 of 15
  1. #1
    vikingTurf Guest

    Debts Consolidation

    Fellow PPOer's, do you know if you consolidate your student loans, credit card debts and all, does that significantly change my credit profile. The only thing I am concerned about is I don't want to consolidate now if that lowers my credit profile in a really bad so much so that in future once I have job and all I can't buy a house or sth because of this consolidation thing. Right now I am a student and my monthly GA salary is not enough to pay for all my bills/rent etc...and I also don't want to live like this for another year or so when I finally graduate. Any advices will be much appreciated.

  2. #2
    Webby's Avatar
    Webby is offline Administrator
    Join Date
    Aug 1998
    Location
    A, A
    Posts
    8,976
    Blog Entries
    6

    Re: Debts Consolidation

    You have to be careful whether its through a credit counseling agency or just a straight consolidation loan. Through the CCA, sometimes it will be flagged as settlements or reductions in payments and can have negative impact.

    Having one single loan, all consolidated and probably giving you a lower percentage rate will appear as all the other bills paid off, and a new larger loan open. Bad thing is higher balance to credit limit, which is a small ding, but probably saving money is the most important thing right now...and hopefully you get the right consolidation loan so its interest over the course of all your debts is significantly lower. As you pay down the higher balance your available credit ratio will improve and thus your points.

    Thats how I understand it.

  3. #3
    JDogg926's Avatar
    JDogg926 is offline Star Spokesman
    Join Date
    Dec 1969
    Posts
    1,786

    Re: Debts Consolidation

    With student loans, you're better off consolidating and being able to pay your monthly bill, rather than having several missed or late payments.
    542cbf305f333b0554e8ffa937f852d6

  4. #4
    vikingTurf Guest

    Re: Debts Consolidation

    Thanks for the advices!

  5. #5
    VKG4LFE's Avatar
    VKG4LFE is offline Jersey Retired Tetris Champion, Monkey GO Happy 4 Champion
    Join Date
    Dec 1969
    Location
    Hartford, WI
    Posts
    16,003

    Re: Debts Consolidation

    Since we are on the conversation of money does anyone know where the closest money tree is to Milwaukee Wisconsin?? Any help would be appreciated!! lol

    I get the most pissed off looks from people with my VKG 4 LFE Wisconsin license plate, and I LOVE IT!!

  6. #6
    tarkenton10's Avatar
    tarkenton10 is offline Star Spokesman
    Join Date
    Dec 1969
    Posts
    2,200

    Re: Debts Consolidation

    "VKG4LFE" wrote:
    Since we are on the conversation of money does anyone know where the closest money tree is to Milwaukee Wisconsin?? Any help would be appreciated!! lol
    Mail those comments to:

    Santa Clause

    Santa's Castle

    North Pole, end of the world

    Zip code 122507

    He also knows where the Pot of gold is at that sits at the end of a rainbow.

    There s only two things stopping you - fear and common sense!! The Truth you CAN"T HANDLE THE TRUTH!!!!!!!!

  7. #7
    VKG4LFE's Avatar
    VKG4LFE is offline Jersey Retired Tetris Champion, Monkey GO Happy 4 Champion
    Join Date
    Dec 1969
    Location
    Hartford, WI
    Posts
    16,003

    Re: Debts Consolidation

    Sweet Tark, thanks!! I knew somebody had to have the answer!

    I get the most pissed off looks from people with my VKG 4 LFE Wisconsin license plate, and I LOVE IT!!

  8. #8
    boognish's Avatar
    boognish is offline Coordinator
    Join Date
    Dec 1969
    Posts
    701

    Re: Debts Consolidation

    If they are variable rate student loans, you had better get on it. The rates will rise almost 2% after July, 1.

    I consolidated my student loans and it certainly simplifies things, although I got my loans a while ago and I'm paying an ungodly 6% interest on them. :cry: (that's higher than my mortgage!)
    I am a dipshit!!!

  9. #9
    VKG4LFE's Avatar
    VKG4LFE is offline Jersey Retired Tetris Champion, Monkey GO Happy 4 Champion
    Join Date
    Dec 1969
    Location
    Hartford, WI
    Posts
    16,003

    Re: Debts Consolidation

    6% really isn't that bad when you think about it. Just think how high some people's credit card interest is!

    I get the most pissed off looks from people with my VKG 4 LFE Wisconsin license plate, and I LOVE IT!!

  10. #10
    2beersTommy's Avatar
    2beersTommy is offline Team Alumni
    Join Date
    Dec 1969
    Location
    NY
    Posts
    2,764

    Re: Debts Consolidation

    If you want or can..when you make a monthly payment..pay the next months principal with it, and it will cut down on the duration of the loan..

Page 1 of 2 12 LastLast

Similar Threads

  1. how to pay of debts without money
    By i_bleed_purple in forum The Clubhouse
    Replies: 3
    Last Post: 12-07-2008, 01:32 AM

Tags for this Thread

Bookmarks

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •