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intecel · 10-12-2004, 05:45 PM

Right now, I'm currently paying about 100 dollars a month in interest on $8000 worth of credit card debt. I'm paying about 250 a month in barely-over-the-minimum payments.

How does debt consolidation work, and would it look better on my credit than having 8 credit cards / store cards with an 8k balance?

Could my monthly payment go down at all?

Would it be worthwhile to try to get a second mortgage on my house which I don't think I could, since I've only had the house for about 6 months now and only paid off about 1k worth of the balance.

What kind of interest rates do banks give on a loan of 8k, or would they give an 8k loan at all?

Any ideas would be great. I'm starting to drown in debt. I just pulled a credit report and my debt is around 180k.

10-12-2004, 05:45 PM	#1 (permalink)
intecel Psycho	Debt consolidation questions Right now, I'm currently paying about 100 dollars a month in interest on $8000 worth of credit card debt. I'm paying about 250 a month in barely-over-the-minimum payments. How does debt consolidation work, and would it look better on my credit than having 8 credit cards / store cards with an 8k balance? Could my monthly payment go down at all? Would it be worthwhile to try to get a second mortgage on my house which I don't think I could, since I've only had the house for about 6 months now and only paid off about 1k worth of the balance. What kind of interest rates do banks give on a loan of 8k, or would they give an 8k loan at all? Any ideas would be great. I'm starting to drown in debt. I just pulled a credit report and my debt is around 180k.