CunningSmeagol
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inb4 ideological credit shitstorm.
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Debt consolidation question (specifically paying off credit cards)?
- Thread starter pg600rr
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even on 0% cards once the rate kicks in its usually like 7% not 24%... pretty sure you have to miss a payment to get that highOriginally Posted by Teger
Ben this post makes you sound suspiciously like a Republican. Did someone jack your password?
SkinnyGoomba
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Bankruptcy may be cheaper. Sucks that she's getting $10K in the next few months, since if she were to declare Chapter 11 the trustee would undoubtedly force her to fork it over to her creditors.Originally Posted by why
bad idea, pay the damn credit cards off.
lee_44106
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even on 0% cards once the rate kicks in its usually like 7% not 24%... pretty sure you have to miss a payment to get that highOriginally Posted by Teger
Don't even have to miss a payment.
Recently I was a day late with a cc payment. I always pay the complete balance off each month, but miscalculated/mis-timed holidays so automatic bank payment was ONE day late.
The CC F***ers jacked the interest rate up to 25% just like that the next billing cycle.
That's OK though, I use the CC companies like the bitches by paying off the whole amount each month.
SkinnyGoomba
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lets not forget the $40 + fee for being a day late.
rnoldh
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Is anyone really familiar with new underwriting standards ( as to getting a mortgage or say a $23,000 debt consolidation loan as has been discussed ). It seems to me that her current credit score wouldn't allow her to do either right now.
It also seems to me that if someone negotiates their $23,000 debt down to say $15,000 and also gets their interest rate lowered, that will show up on their credit score and credit profile. Especially in these days of instant computer dissemination of credit information.
If she's coming into $10,000 then I don't think she would be eligible for a chapter 7 bankruptcy. But would a chapter 11 bankruptcy really look that much worse than a negotiated reduction in principal and interest rate? After all, that is what a chapter 11 bankruptcy is.
It also seems to me that if someone negotiates their $23,000 debt down to say $15,000 and also gets their interest rate lowered, that will show up on their credit score and credit profile. Especially in these days of instant computer dissemination of credit information.
If she's coming into $10,000 then I don't think she would be eligible for a chapter 7 bankruptcy. But would a chapter 11 bankruptcy really look that much worse than a negotiated reduction in principal and interest rate? After all, that is what a chapter 11 bankruptcy is.
why
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bad idea, pay the damn credit cards off.Originally Posted by SkinnyGoomba
^ +1. Bankruptcy will cost a shitload more than $23K if she tries to buy a house in the next lifetime.Originally Posted by Douglas
Credit report != credit. Hell, if she were flat out broke Chapter 7 would be the best deal I bet. Why is she all of a sudden getting $10K?
SkinnyGoomba
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Going bankrupt is a horrible option, you have no credit for 10 years if you go bankrupt.
EL72
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MBNA usually has some pretty good balance transfer rates (2-3% for 12 months) and then get a bank loan to pay that off. Assuming she has a job, I can't believe getting an unsecured line of credit for $20K will be difficult.
SkinnyGoomba
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I second the bankruptcy option. Have her give you the money to hold on to until she finishes up.Originally Posted by Rambo
a financial genius, I'm sure no one has ever tried that before to look poor on paper.
a financial genius, I'm sure no one has ever tried that before to look poor on paper.Originally Posted by SkinnyGoomba
I will take the credit. Seriously though, his assets are not counted in her bankruptcy calculation. Even with consolidation, she's still buried under a mountain of debt. No home to repo and no major assets. I can't imagine her credit being stellar so the 7 year period won't be too much of a difference. I am not really up to date on bankruptcy law but didn't they change the code to make it much harder to discharge debt while Bush was in office?
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