Are bill consolidation loans different from debt consolidation? I am confused in this two concepts. Want to know more about it and get my medical bills, or credit card bills consolidated asap. Also can anyone suggest any good resources for bill consolidation and also want to advice me what to choose.
Does bill consolidation loans for bad credit really work?
May 28, 2010 By 7 Comments
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If you have bad credit then you won’t qualify for real loan where you pay off your debts with a loan from a bank and pay that back in monthly installments.
Debt consolidation usually refers to a risky practice of debt settlement: deliberately defaulting on your credit cards to try to force your creditors to settle for less.
Stay away from any “debt consolidation” company that promises to cut your debt and payments in half through debt settlement….This is a risky tactic of deliberately ceasing all payments to creditors and forcing your accounts into default to attempt settlements. You pay a monthly fee to a debt consolidator….this entire fee goes towards building a settlement account and to the consolidator’s fees to “settle” your accounts in the future. Your credit card companies will deliberately not be paid so that all the accounts will default/charge-off so that they can attempt settlements at around 50%. If you are current on your accounts, this process will ruin your credit rating for sure. Debt settlement is like a roll off the dice with your finances…You can never predict how your creditors will respond to the deliberate defaulting of your accounts…they might settle at 50%…or they might serve you a summons, take you to court…and if they win, you could be looking at wage garnishment.
no
Get a credit card from local bank and pay it in time. You also can use this service to avoid common mistakes while buiding credit and pre-estimate future scores for different scenarios of payments – creditreport.imess.net
Call it what you will, the Idea is to find a loan at less interests than you pay now, and fixed interests.
Credit cards can have high interests so it shouldn’t be difficult to beat them, other debts might be more difficult to deal with as they might already have a low interest rate.
See http://www.esuperfind.com/lowermybills.phpp?id=hra0tt16koo9 the affiliated site is an Experian company BBB approved so very safe.
They might or they might not have you on. It depends on many factors and how much the debt is.
Bill consolidation follows the same principle as the loan consolidation. In both manner, all your loans are consolidated into one loan to which you can negotiate to have lower interest rates and longer payment terms. Loan consolidation is much more effective when you are not an spend-here-spend-there buff that you tend to always use your credit card. Of course, when you already have a very bad credit, it’ll be hard for you to secure another loan. Hard but not at all zero probability of having one.
The best website to answer all of your “credit repair” questions hands down is:
http://www.ecreditattorney-marketing.com/idevaffiliate/idevaffiliate.php?id=5030
They have made my life so much easier & I’ve recently been able to buy a house by myself!
Good Luck!!!
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