posted by on Sep 24
due [9/15/2008] asked:
We are about 2,500 dollars i debt and 800 of it is from wells fargo which keeps charging us close to 200 a month from all the fees. we are so close to just getting a debt loan? how do they work and who do you recomend?
i ment loan. sorru
i know that we are not in debt too much but we have a baby due in september and this would help so much! What do you think
We are about 2,500 dollars i debt and 800 of it is from wells fargo which keeps charging us close to 200 a month from all the fees. we are so close to just getting a debt loan? how do they work and who do you recomend?
i ment loan. sorru
i know that we are not in debt too much but we have a baby due in september and this would help so much! What do you think
September 25th, 2008 at 10:37 pm
i already answered your other question. Im not sure why wells fargo would charge you 200 a month…unless you have a super high interest rate…and if so, then call them and tell them that you will switch companies if they dont lower your interest rate….most credit card companies will do that for you…but you have to ask….good luck
September 27th, 2008 at 10:37 am
It only helps if
1. the interest rate is much lower. Typically, the best way to consolidate is with a home equity loan. Much lower rate, but, of course you have to own a home. And you can write off the interest on your taxes which can be a lot.
2. you cut up all of your credit cards and don’t get any more until you’ve paid off the consolidation loan. What most people do is pay off their cards with the loan, but keep using the cards and end up worse off than when they started. If you’re serious about it you MUST stop using the cards. After you’ve caught up and paid off all the loans, get one or two cards to help keep your credit score up. Just pay them off every month.
At the least, you need to do something about the Wells Fargo one. I can’t imagine how they could be charging you that much a month on $800. Even at 25% APR you should only be charged about $17 a month interest. At that amount you would be paying 300% APR, which should be illegal. At the very least you need to find a way to transfer that $800 to something else or get a loan from a family member, then close the account and never do business with them again!
September 28th, 2008 at 12:33 am
Debt consolidation loan is a type of unsecured personal loan where several high interest debt can be consolidated it into one lower, fixed rate loan.
I would recommend ezconsolidation.com you can try if you want