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Joined: Aug 2015
Posts: 13,262 Likes: 3
Campfire Outfitter
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Campfire Outfitter
Joined: Aug 2015
Posts: 13,262 Likes: 3 |
If you can refinance the debt at a lower overall rate with no closing costs and without extending the term, go for it.
Let's Go Brandon! FJB
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Joined: Nov 2003
Posts: 28,411
Campfire Ranger
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Campfire Ranger
Joined: Nov 2003
Posts: 28,411 |
Dave Ramsey is an idiot ! There I said it, and it deserves repeated.
Credit card debt is unsecured debt, hence the high interest rate, and if are dumb or unfortunate to have a lot of it, then yes borrow to pay it off and then put them away. The rest of your debt needs look at in an importance to thought, it is far better to quite making a car payment with a 8-9 % interest rate than to borrow more money against your home @ % and lose them both. I guess its here we should ask you to give us your credentials on debt management, financial planning and character evaluation. I don't sleep on the floor and I can afford to air condition my home, any other questions ?  One. Read Ramsey’s books yet ?
The degree of my privacy is no business of yours.
What we've learned from history is that we haven't learned from it.
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Joined: Feb 2009
Posts: 6,264
Campfire Tracker
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Campfire Tracker
Joined: Feb 2009
Posts: 6,264 |
I’ve never heard of any benefits from a consolidation loan. Never. Me either, but I believe the problem usually is people consolidate debt, free up their credit cards, but then continue their old spending habits that got 'em into trouble in the first place and get even more in debt by continuing to spend more money than they're making. I don't really have any old spending habits, and I currently have tens of thousands of available credit on hand I haven't touched. I'm looking for a downside in consolidating but I ain't seeing it. I'm just wary as all get out is all. That's exactly why it could hamper your progress. There's also the mentality that you did something to fix your debt problem, but in reality you just moved it around. I did some level of this and created new problems. Finally got onboard with a debt snowball, and am debt free now. Consolidated loans eliminate the psychological advantage of a debt snowball.
"For some unfortunates, poisoned by city sidewalks ... the horn of the hunter never winds at all" Robert Ruark, The Horn of the Hunter
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Joined: Aug 2002
Posts: 37,952 Likes: 5
Campfire 'Bwana
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OP
Campfire 'Bwana
Joined: Aug 2002
Posts: 37,952 Likes: 5 |
I don't sleep on the floor and I can afford to air condition my home, any other questions ? Its all in one's perspective I guess. I find it sad that you have already become soft enough to NEED a bed (beds are for women and/or sleeping with women), and the fact that you don't have anything you would rather spend your money on than something as trivial as A/C. JMHO.
"...if the gentlemen of Virginia shall send us a dozen of their sons, we would take great care in their education, instruct them in all we know, and make men of them." Canasatego 1744
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Joined: Jan 2006
Posts: 69,475 Likes: 18
Campfire Kahuna
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Campfire Kahuna
Joined: Jan 2006
Posts: 69,475 Likes: 18 |
Never, ever, borrow against your home except to make improvements on it. If you get hurt or sick you risk losing your home. If you die, your wife and kids might lose it.
“In a time of deceit telling the truth is a revolutionary act.”
― George Orwell
It's not over when you lose. It's over when you quit.
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Joined: Oct 2013
Posts: 8,490
Campfire Outfitter
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Campfire Outfitter
Joined: Oct 2013
Posts: 8,490 |
Dave Ramsey is an idiot ! There I said it, and it deserves repeated.
Credit card debt is unsecured debt, hence the high interest rate, and if are dumb or unfortunate to have a lot of it, then yes borrow to pay it off and then put them away. The rest of your debt needs look at in an importance to thought, it is far better to quite making a car payment with a 8-9 % interest rate than to borrow more money against your home @ % and lose them both. I guess its here we should ask you to give us your credentials on debt management, financial planning and character evaluation. I don't sleep on the floor and I can afford to air condition my home, any other questions ? One. Read Ramsey’s books yet ? No , I am not in debt, I am acquiring wealth, purchasing real-estate, mostly farm land, that I can hunt on, or lease to others.
Writing here is Prohibited by the authorities.
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Joined: Feb 2019
Posts: 99
Campfire Greenhorn
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Campfire Greenhorn
Joined: Feb 2019
Posts: 99 |
My wife and I did it through Freedom Plus 6 months or so ago, and I haven't seen any drawbacks yet. Thanks for the tip, I'll look 'em up. Its two credit cards that I have making me these offers, obviously they think that someone in my position right now is gonna consolidate so they would rather I pay that lower interest rate to them rather than to someone else. One of 'em is at zero balance, has been for some time, obviously they would like some of my business. Both are offering loan amounts equal to my total unsecured debt. Not sure if the company I used is also a credit card company. You are right to be wary though, sounds like you got good conservative spending habits... I did a ton of research before I consolidated and their are a lot of snakes in that Industry...
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Joined: Oct 2005
Posts: 79,321 Likes: 2
Campfire Oracle
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Campfire Oracle
Joined: Oct 2005
Posts: 79,321 Likes: 2 |
It shouldn't be all that difficult to calculate.
Add up the total amount you will have to spend to pay off your debt in your current situation then compare it to the total amount you will have to spend to pay it off after it's been consolidated.
Ask them for the bottom line. Payment per month,....number of months.
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Joined: Nov 2003
Posts: 28,411
Campfire Ranger
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Campfire Ranger
Joined: Nov 2003
Posts: 28,411 |
Dave Ramsey is an idiot ! There I said it, and it deserves repeated.
Credit card debt is unsecured debt, hence the high interest rate, and if are dumb or unfortunate to have a lot of it, then yes borrow to pay it off and then put them away. The rest of your debt needs look at in an importance to thought, it is far better to quite making a car payment with a 8-9 % interest rate than to borrow more money against your home @ % and lose them both. I guess its here we should ask you to give us your credentials on debt management, financial planning and character evaluation. I don't sleep on the floor and I can afford to air condition my home, any other questions ? One. Read Ramsey’s books yet ? No , I am not in debt, I am acquiring wealth, purchasing real-estate, mostly farm land, that I can hunt on, or lease to others. That’s good.
The degree of my privacy is no business of yours.
What we've learned from history is that we haven't learned from it.
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Joined: Aug 2002
Posts: 37,952 Likes: 5
Campfire 'Bwana
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OP
Campfire 'Bwana
Joined: Aug 2002
Posts: 37,952 Likes: 5 |
Never, ever, borrow against your home except to make improvements on it. If you get hurt or sick you risk losing your home. If you die, your wife and kids might lose it. Good point. I got the offers but no mention of having to put up collateral. Near as I can tell these are offers of unsecured loans at a lower interest rate.
"...if the gentlemen of Virginia shall send us a dozen of their sons, we would take great care in their education, instruct them in all we know, and make men of them." Canasatego 1744
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Joined: Nov 2003
Posts: 28,411
Campfire Ranger
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Campfire Ranger
Joined: Nov 2003
Posts: 28,411 |
Never, ever, borrow against your home except to make improvements on it. If you get hurt or sick you risk losing your home. If you die, your wife and kids might lose it. Good point. I got the offers but no mention of having to put up collateral. Near as I can tell these are offers of unsecured loans at a lower interest rate. Birdie that just don’t sound right at all. But guess it could be.
The degree of my privacy is no business of yours.
What we've learned from history is that we haven't learned from it.
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Joined: Sep 2010
Posts: 31,438
Campfire 'Bwana
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Campfire 'Bwana
Joined: Sep 2010
Posts: 31,438 |
I am a phucqking financial jeaniss and watching closely.
"I can't be canceled, because, I don't give a fuuck!"
--- Kid Rock 2022
Holocaust Deniers, the ultimate perverted dipchits: Bristoe, TheRealHawkeye, stophel, Ghostinthemachine, anyone else?
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Joined: Sep 2012
Posts: 2,629 Likes: 3
Campfire Regular
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Campfire Regular
Joined: Sep 2012
Posts: 2,629 Likes: 3 |
The downside is if you do become truly "debt free," and it sounds like you are getting close, it will drive everyone you've ever owed money to out of their collective minds and they will spare no expense in their efforts to get you back in debt.
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Joined: Sep 2011
Posts: 61,175 Likes: 25
Campfire Kahuna
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Campfire Kahuna
Joined: Sep 2011
Posts: 61,175 Likes: 25 |
Are you dealing with a bank, or other?
These premises insured by a Sheltie in Training ,--- and Cooey.o
"May the Good Lord take a likin' to you"
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Joined: Oct 2013
Posts: 8,490
Campfire Outfitter
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Campfire Outfitter
Joined: Oct 2013
Posts: 8,490 |
I don't sleep on the floor and I can afford to air condition my home, any other questions ? Its all in one's perspective I guess. I find it sad that you have already become soft enough to NEED a bed (beds are for women and/or sleeping with women), and the fact that you don't have anything you would rather spend your money on than something as trivial as A/C. JMHO. After a horseback accident that resulted in a broken back ,neck and 3 ribs I don't sleep much anyways, but when I do its with my wife, as for the air conditioner I don't much care either way, but my wife likes it, and I like her so we're going to stick with that one. And not being on the public doll I have the option to work harder and smarter to increase my income, that comes in really handy when a guy needs money, spending money or pocket money. Learn to earn, you heard it here first.
Writing here is Prohibited by the authorities.
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Joined: Jan 2010
Posts: 15,385
Campfire Ranger
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Campfire Ranger
Joined: Jan 2010
Posts: 15,385 |
It will work fine if u consolidate.....but if you go back to your ways of doing chit ...u will be doing it again in a couple years....
I work harder than a ugly stripper....
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Joined: Oct 2005
Posts: 79,321 Likes: 2
Campfire Oracle
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Campfire Oracle
Joined: Oct 2005
Posts: 79,321 Likes: 2 |
Never, ever, borrow against your home except to make improvements on it. If you get hurt or sick you risk losing your home. If you die, your wife and kids might lose it. Good point. I got the offers but no mention of having to put up collateral. Near as I can tell these are offers of unsecured loans at a lower interest rate. Some lending institutions will offer consolidation loans simply because they want to make the interest instead of another lender,..or lenders. So they offer to consolidate it at a lower interest rate in order to get your business.
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Joined: Mar 2007
Posts: 2,461
Campfire Regular
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Campfire Regular
Joined: Mar 2007
Posts: 2,461 |
A lot of times those credit card 0% APR offers have a time limit on them and they ding you hard when the time is up.
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Joined: Oct 2013
Posts: 8,490
Campfire Outfitter
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Campfire Outfitter
Joined: Oct 2013
Posts: 8,490 |
Never, ever, borrow against your home except to make improvements on it. If you get hurt or sick you risk losing your home. If you die, your wife and kids might lose it. This a golden rule, never ever risk loosing your home or you will never own another. Buy a rental like a duplex, fix it up, so that will pay for itself, and use it for collateral if you want to borrow money.
Writing here is Prohibited by the authorities.
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Joined: Sep 2014
Posts: 21,914 Likes: 7
Campfire Ranger
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Campfire Ranger
Joined: Sep 2014
Posts: 21,914 Likes: 7 |
Read carefully.
If the interest rate is good, read carefully-er.
Seriously, if a credit card company is offering you a good loan,you
are missing something.
You have a job and good credit?
Have a relationship with a bank? Or, better, Credit Union? (Not a loan/finance company)
Look at a personal loan from them.
The rate will be high, it's unsecured.
But, it won't be credit card high. And it will not come with lots of fees.
Debt consolidation is a term used to create a special product that is $pecial.
Parents who say they have good kids..Usually don't!
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