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Grimlok · 05-28-2003, 08:03 AM

Hey Jesus Pimp... I'll handle this one for No Soup...

The Generic Answer is yes... You should consolidate... UNLESS... you plan on Taking out more student loans. The Reason being is you can only Consolidate your Student Loans once... I think they're working on a law now where you can consolidate a new loan with a consolidated student loan but I'm sure NoSoup can clarify that for ya.

About 2 months ago some places were offering Student Loan Consolidation as low as 2.4% but I think it's averaging about 3% now. If the Economy turns around... look for those interest rates to go back up. I would do it now while the gettings good.

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Now... for my own Question to No Soup.

My wife had a credit card before we were married and quickly charged it up to the $750 limit. She didn't take into account the finance charges so of course.. it went over the limit, resulting in an over the limit fee... which raised the APR... Blah blah blah.

She called the company and they told her what she needed to pay... and she did... taking it back below the limit but... at the higher APR it exceeded the credit limit again and all the charges that went with it. We were having Financial problems at the time so we missed a payment. Over the course of 1 month thanks to all of these bunk ass charges... the Card was about $110 over the credit limit.

We've made payments on it but we could never get it below the Credit Limit. My wife kept making payments on it but they were/are unwilling to stop the excessive charges, mostly because she keeps making payments.

The Bill is now $1600 (Despite paying about $900 last year to the damn card) and there seems to be no end in site.

My question is two fold. Since the company is unwilling to settle (because my wife has an established payment history) should we let it go into collections so the charges will stop. Collection Agencies are more willing to cut a deal (I've heard).

Or should we keep paying essentially putting us further and further into debt. The reason my wife kept paying is because the company doesn't report her as being late as long as she pays by the due date (which I believe is untrue.)

She doesn't want to stop paying because she doesn't want to show late payments on her credit... but I figure being over 100% over the credit limit hurts us more than being late.

Any Thoughts

05-28-2003, 08:03 AM	#21 (permalink)
Grimlok Tilted Location: Central Illinois	Hey Jesus Pimp... I'll handle this one for No Soup... The Generic Answer is yes... You should consolidate... UNLESS... you plan on Taking out more student loans. The Reason being is you can only Consolidate your Student Loans once... I think they're working on a law now where you can consolidate a new loan with a consolidated student loan but I'm sure NoSoup can clarify that for ya. About 2 months ago some places were offering Student Loan Consolidation as low as 2.4% but I think it's averaging about 3% now. If the Economy turns around... look for those interest rates to go back up. I would do it now while the gettings good. ------------------------------------ Now... for my own Question to No Soup. My wife had a credit card before we were married and quickly charged it up to the $750 limit. She didn't take into account the finance charges so of course.. it went over the limit, resulting in an over the limit fee... which raised the APR... Blah blah blah. She called the company and they told her what she needed to pay... and she did... taking it back below the limit but... at the higher APR it exceeded the credit limit again and all the charges that went with it. We were having Financial problems at the time so we missed a payment. Over the course of 1 month thanks to all of these bunk ass charges... the Card was about $110 over the credit limit. We've made payments on it but we could never get it below the Credit Limit. My wife kept making payments on it but they were/are unwilling to stop the excessive charges, mostly because she keeps making payments. The Bill is now $1600 (Despite paying about $900 last year to the damn card) and there seems to be no end in site. My question is two fold. Since the company is unwilling to settle (because my wife has an established payment history) should we let it go into collections so the charges will stop. Collection Agencies are more willing to cut a deal (I've heard). Or should we keep paying essentially putting us further and further into debt. The reason my wife kept paying is because the company doesn't report her as being late as long as she pays by the due date (which I believe is untrue.) She doesn't want to stop paying because she doesn't want to show late payments on her credit... but I figure being over 100% over the credit limit hurts us more than being late. Any Thoughts __________________ Your future looks very very grim!