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Originally Posted by ohh_shesus
Anyway, do banks give you loans without a house for equity? I figured if I can get them all on one bill I may be better off. Curious minds are asking...I think that between my husband and I, we have 5 or 6. We haven't used them in a while, but the balance never goes down.
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I asked my bank (US Bank) if they could give me a debt consolidation loan, and we have a house, but she said no because we didn't have enough equity built up (we've had it 3 months). But they have a nice credit card that would give me 0% for 6 months! Wohoo!
I checked online, and there are some companies that can help. I *just* got signed up with these people, but I would already recommend them because they can do things that we as consumers can't.
It's like a last ditch effort before getting to the point of having to declare bankruptcy, and so creditors are willing to work with you to make sure they at least get the money you spent back, and less interest.
They get 21% rates down to 10%, 7% rates stay the same, my 6% AmEx down to 0%. I called Discover, 21%, and they only got me down to 17% on my own.
The debt consolidators want a fee up front, but the guy I talked to allowed me to sign up a couple small accounts the first month then add the big ones next month to keep the fee much smaller. ($189 instead of $350) They also want a monthly fee for the service. All told, the fees are smaller than the #@(%$*^ interest that the credit cards charge.
The guy I talked to that I really liked is here:
Jonathan Saracco
Consumer Debt Solutions, Inc.
http://www.consumerdebtsolutions.net
1.866.231.5668 ext. 214
Best of luck...