I have MBNA which I seen another posting about they are not working with me at all!!! they will not lower my rate or my payment because they said my budget doesn’t fit it in. So I said you are just pushing me into bankruptcy they don’t seem to care. I have never missed a payment yet!! and they are horrible!!
You must understand that a bank is business to keep you IN DEBT. Anything that helps you get out of debt – or in control of it – is antithesis to what they are trying to accomplish.
No bank will work with you unless you force them to, like falling behind in payments or doing BK.
Of course, this hurts your credit…which the banks love, as they then can raise your intersest rates to 30% or more.
You must understand as well…that banks sell us on the idea of quick, easy money and that borrowing is the way to get rich. It is NOT.
Did you know that banks have NO debt. So if debt is so good – as the banks tell us – then why are they not in debt? Because, it only helps the banks for you to be in debt. They know that debt is NOT helpful to them is they have any.
Learn and do what the banks do and you will be come rich. Do what they say and you’ll be where you are now.
I would like some insight on Debt consolidation. Over the last 5 years I had accumulated debt(due to MANY family circumstances). I have been very fortunate to have made a career move which has now given me a significant increase in pay. I had a moment of accomplishment and even a glimpse of financial freedom , as I felt as though I could FINALLY pay off these haunting bills I have been (even with lower income) reliably paying every month , typically much more than minimum, but to no avail.
Now that I feel I have the financial means to truly conquer this, I have so many debts across so many cards and the interest rates are just astronomical. I am trying to research an option , preferably a personal loan, where I can pay 1 entity the money back and let THEM make the interest gain. There are so many companies that pop up once I do a search and it is so overwhelming to sort out what is a scam and what is not. Ive tried balance transfers, but find that takes alot of due diligence to keep track of, and with 2 businesses, 3 kids (1 with special needs) I just dont want to default and make an error Is there any reputable option someone here can refer me to?
I have 25k in debt and have 3000 a month now extra dedicated to pay the bills off there has to be an option , as these finance charges are like throwing money in the garbage. I do NOT want to refinance my home. So, just keep paying all your extra money towards your smallest debt..Once that is paid off work on the next smallest one.. Keep going the route. You don’t need anyone to help you out of this, you’ll be done with all this in a year.
You can’t do anything about finance charge until you start paying off the debts…You have a huge shovel with 3K each month, trust me you’ll be fine. If you have some really high interest rates, you may be able to look at transferring those balances to a smaller interest rate card, but with your 3K a month I think you’ll be just fine ok!!! Thats my opinion….