Credit Card debt consolidation?

Listen to The Paw. I had to consolidate when I became ill. My credit union gave me a hardship consolidation loan with 2% interest with a stipulation that it was a direct monthly pay out of the account. Works for me and is never late.

Carrying money on a credit card doesnt work so well,too many pitfalls.BUT,they are needed for many situations to make a purchase,dont have one many purchases can be very difficult,car rental comes to mind.And online buys are another.

BooBoo

Thats a super deal,my CU just offers the normal card rates with Visa/MC and normal interest rate home backed loans (Home Equity Line Of Credit,HELOC.)

BooBoo

I wouldnt give an average retailer direct access to my bank acct.Very risky to me.I do allow Utilities and TV,mobile phone payments direct acct. payments.Jims exotic cheese factory,no way.

Had Wells Fargo mess up a payroll check,sent mine to a BofA acct of someone else,someone elses check went to mine AND IT bounced.Took almost 3 weeks for them to straighten out,until then it was tough luck buddy!

If Joe Schmuck rifles your acct,dont expect a quick resolution,for that matter dont expect them to be even mildly concerned,they arent.

BooBoo

Some people may have some moral qualms with this but... stop paying them, if she has been paying 20+ percent all these years they have been more than paid back. The debt is unsecured, they will just charge it off, then send it to collections, may get some phone calls, just tell them she has moved into the old folks home or something. It will hurt her credit score, but will she ever need to borrow money again, probably not... People take advantage of my grandmother all the time, and not just individual people, but companies like roto rooter charging her $7000 to replace a pipe that was property of the city, and the big name car dealership only giving her $500 on her trade-in that was worth $4000. And of course I never hear about it until afterwards. I think there should be a law that caps the maximum rate you can charge people over 65 at the Prime Rate (currently 8.25), or perhaps a law that you can get jail time for overcharging a senior citizen. I have seen more people than I can count that have been swindled just because they are old and don't understand anymore. It ticks me off! That would make a pretty good Primetime or 20/20, send an 80 year old in and a 40 year old and see who gets the better deal!

Matthew Lindsay: No offense intended, but that is incredibly stupid advice.

That would be interesting with the same income,etc.I agree,a lot of bad things are played on seniors in life.

BooBoo

Ha! Thought everything else had been covered, so just wanted to throw out one more option. I do kinda wonder what would happen though...

There are zero percent interest (for 18 months) offers from our cc co all the time.

Try blue from American express...it's offering 0% for 15 months or 5.99 for the life of the balance.

clik here

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I hope you get what you want...and that you actually want what you get!

Avoid a debt consolidation company unless you use the FREE counseling service described on http://clarkhoward.com. The consolidation companies SOUND great but they ruin your credit and you don't even know it until you try to get credit elsewhere in the future.

That is true but it also hurts you to have a few cards charged to the hilt. Shows inability to budget & tendancy to overspend.

"Some people may have some moral qualms with this but... stop paying them, if she has been paying 20+ percent all these years they have been more than paid back. The debt is unsecured, they will just charge it off, then send it to collections, may get some phone calls, just tell them she has moved into the old folks home or something. It will hurt her credit score, but will she ever need to borrow money again, probably not... "

Make sure and Get her a new phone line..use the old one for a dedicated fax line. that will drive them crazy. Might as well have her file bankruptcy. Can you still do that? Good luck