3 Ways Of Making The Consolidation Of Your Credit Cards

Individuals that are facing financial difficulties are often being told to make the consolidation of their credit cards into one because having multiple cards is the main source of their problems.

Credit cart consolidation means collecting all your card debts together and putting it into one account with one payment per month.

There are various methods to make the consolidation of credit cards but there is no one universal method that would work for everybody as different people have different financial standings. The information of this article is intended to help you to choose the right method for your situation.

Consolidation of Credit Cards Taking A Loan

Obtaining a loan for making the consolidation of your cards might be very good option which can help to preserve your credit rating but it will give you benefits only if a new rate is lower or equal to the existing rates on your cards.

If you have the opportunity to secure your house against the loan then you are likely to get a lower interest rate by taking a secured loan but be beware of prolongation of the term too much and be sure that making the payment is affordable for you as your home is at risk in case you won’t be able to handle with these payments.

After consolidation of your credit cards into one with a loan, make sure that you won’t use them again as it can lead to even worse financial standing.

Consolidation of Credit Cards – Debt Solution

One of the generally accepted way to consolidate cards is to approach a company that specializes in this question and can give you some advice on how to reduce your debt. As a rule they can offer two options – debt settlement and debt management.

For individuals who have a stable income, this is the best solution to consolidate credit cards into one that requires no loans and helps to avoid bankruptcy. They will allow you to have one payment per month that will be affordable for you and they will also negotiate with the creditors to make an arrangement and in some cases it’s possible to get the interest frozen or even some of the debt can be written off.

Debt Solution- Bankruptcy

Only in case you have used up all other methods, should you pay attention to this option. If you have large amount of debt and you don’t have or have very little amount of monthly disposable income, this might be the only option to clear off your debt.

A loan search – money difficulties

I am looking for a second mortgage for a self-employed borrower with a 645 middle credit score. The value of the home is $700K with an existing 1st is $531K. The property is owner occupied/primary residence. I need a 95% or 100% CLTV. This loan must be either stated income or a no ratio loan. Ken Brumfield

need 90% LTV; new construction SFR, owner occupied purchased 8/01; current appraised value = $370,000. Funds for debt consolidation and cash out. Middle score = 613 for primary; full doc package ready for immediate submission and fast close!! Please only suggest lenders that will honor their programs and close quickly with a complete, concise loan submission.

paid cash for SFD 3 mths season!

borrower paid cash 3 mths ago….we can come up with trades off her credit reports. 4 or 5 of them….she has 0 score but home has 3 months season for purchase and she only needs a small loan amount? 20,000.00 can this even be possible…ive noticed that some are looking for hard money lenders?is anyone having any success? This type of loan should be a great investment ?? Why don’t they do these loans??

Chatel loan in SC

I have a client with a 626 credit score, good ratios, good employment history, who wants to do a cash out refinance for the purpose of debt consolidation. Loan amount will be approximately $42,000. The land and the mobile home are both owned by the same owner, but are titled separately (land on one, MH on one). Therefore, this will need to be a chatel loan. It is a 1992 doublewide valued at $25,000-$30,000. The land it is sitting on is worth nearly $40,000. The property is in South Carolina.

Non-Owner, Non Seasoned, Stated, 667 FICO

I have a Non-Owner Occ, with mid FICO at 667… that needs to go stated for at least 80%. (60K min. Loan?) That would be the easy part…the next problem is that he’s only owned the 2-unit house for about 5 months…so there’s a seasoning problem as well. The property is in the Buffalo, NY area…can anyone tell me where I can find a home for this deal? Thank You in advance and HAPPY VALENTINES DAY to you all !