http://www.consumerismcommentary.com/five-home-equity-tips-part-1-pay-off-credit-card-debt-with-loan/ A premier personal finance blog, established 2003. Within, Flexo discusses his own experiences with money, and he and other authors comment on a wide range of personal finance topics. Mon, 13 Feb 2012 04:45:42 +0000 hourly 1 http://wordpress.org/?v=3.3.1 http://www.consumerismcommentary.com/five-home-equity-tips-part-1-pay-off-credit-card-debt-with-loan/comment-page-1/#comment-137317 Richard Neva Wed, 20 Feb 2008 03:21:59 +0000 http://www.consumerismcommentary.com/2007/08/15/five-home-equity-tips-part-1-pay-off-credit-card-debt-with-loan/#comment-137317 Here is my solution. Use the Debt Negotiation approach to muliple credit card debt. This is the best approach for many and here is how it works; you stop paying on your credit cards and forward all bills to a bank that is holding a reserve of money you have deducted from your checking account every month. The bank representing you takes a 15 percent slice of the total debt you owe and it comes out of your contribution each month. That contribution figure is based on your total income and debt load. In about 36 mos. you pay off all debt at less than full value, approx. 50 cents or less on the dollar that you owe. The bank negotiates with your creditors for you and you get immediate relief from worry and have money left over at the end of the month to save. You cannot use credit cards during that three years. You would never pay off your debt anyway only paying minimum payments so this is the best way I think. You will have to avoid this ever happening again and surely you will learn a hard lesson during those 36mos. Here is my solution. Use the Debt Negotiation approach to muliple credit card debt. This is the best approach for many and here is how it works; you stop paying on your credit cards and forward all bills to a bank that is holding a reserve of money you have deducted from your checking account every month. The bank representing you takes a 15 percent slice of the total debt you owe and it comes out of your contribution each month. That contribution figure is based on your total income and debt load. In about 36 mos. you pay off all debt at less than full value, approx. 50 cents or less on the dollar that you owe. The bank negotiates with your creditors for you and you get immediate relief from worry and have money left over at the end of the month to save. You cannot use credit cards during that three years. You would never pay off your debt anyway only paying minimum payments so this is the best way I think. You will have to avoid this ever happening again and surely you will learn a hard lesson during those 36mos.

]]> http://www.consumerismcommentary.com/five-home-equity-tips-part-1-pay-off-credit-card-debt-with-loan/comment-page-1/#comment-118187 David Mackey Fri, 17 Aug 2007 20:08:15 +0000 http://www.consumerismcommentary.com/2007/08/15/five-home-equity-tips-part-1-pay-off-credit-card-debt-with-loan/#comment-118187 I'm going to use part of my home equity loan to consolidate credit card debt. I’m going to use part of my home equity loan to consolidate credit card debt.

]]> http://www.consumerismcommentary.com/five-home-equity-tips-part-1-pay-off-credit-card-debt-with-loan/comment-page-1/#comment-118099 Modern Worker Wed, 15 Aug 2007 19:48:18 +0000 http://www.consumerismcommentary.com/2007/08/15/five-home-equity-tips-part-1-pay-off-credit-card-debt-with-loan/#comment-118099 I hear of people doing this A LOT, even though they are told not to by experts. Some people just don't want to learn I guess I hear of people doing this A LOT, even though they are told not to by experts. Some people just don’t want to learn I guess

]]>