Consolidating credit card debt into one loan Pre recorded sex chat video
Payday Loans & Title Loans: These are a loan of last resort.
The rates are so high that it almost never makes sense to use these as options for getting yourself out of debt..
Do nothing: For all your credit card debt and most other unsecured loans (excluding student loans, childcare, and liens) if you do nothing for 7 years, technically your slate is wiped clean and the creditors can no longer legally pursue you or ding your credit score any more.
Pros: You don’t have to pay anything Cons: Your credit score can be destroyed for 7 years, and you will suffer the agony of being hounded by collections agencies for years on end. Even though the collectors have no more legal rights to pursue the money from you, they will still harass you in hope that you’ll pay up out of ignorance.
If you use debt settlement, make sure you find a good company, go through an exhaustive list of pros and cons and always ask about their rates and payment plans.
Steve Rhode from Get Out Of has a great article if you are considering Debt Settlement vs Debt Consolidation.
This option can be an alternative to debt settlement.
They usually charge a monthly fee, legally it can’t be over a month, but most run around a month.
Pros: They have minimal impact on your credit score Cons: Their program lengths can run for 5 years, which means you can easily have paid 00 in fees before you’re done Recommendation: You can use these if you don’t have a lot of debt and you can be quickly in and out of the program.
The goals for consolidating debt would be the simplify the payment process (having to only pay one lender instead of dozens), and hopefully reduce your overall interest expenses by getting a new loan with interest rates lower than any of the individual loans you’ve consolidated.
As a debt counselor, I receive many calls from people looking to escape a bad debt situation by seeking a new loan.