How do i pay off my debt?

I have about 3000 in credit card debt (very high interest rates!) , and 8000 in car payments. What can i do? I hear loan consildation thrown around but i dont understand that. What are other suggestions.

How do i pay off my debt?
consolidate with a used auto loan. if you have more than 20% equity on your car (example, car is valued at $15K, you owe $8K, your equity is $7K) then refinance your car for $12K used auto loan through your bank. $8K will pay your car with your other lender, payoff your $3K credit card debt, %26amp; save the $1K for emergency. then live off your income. don't use credit cards until after you learn how to budget your spending.
Reply:Get a debt consolidation loan from your bank. They will easily deposit funds into your checking account once you are approved and you can pay whatver you want back according to the loan payment. They have all types of loans for estimated time frames of payments.
Reply:Try Consumer Credit Counseling Services I used them several years ago and they worked with my lenders to lower both my monthly payments and my interest rate. I was debt free in 36-months. And unlike some of the others they are non-profit and do not charge you a fee.
Reply:Find a RICH spouse.
Reply:get 2 jobs, or like theres those programs on TV that can help you and stop the creditor calls or w/e
Reply:The best way to consolidate debt, if you own a home, is to refinance and take some of the equity out of the home to payoff the debt. This usually gives you a much better interest rate and/or payment than a credit line or a personal loan. Consolidation is where you take a number of your debts, and pay them off using the loan proceeds of one loan. This should lower your total aggregate monthly payments, decrease your debt-to-income ratio, and increase your disposable income. However, consolidation doesn't always mean a lower rate. It could mean a much longer term at a higher rate, yet still achieving a lesser monthly payment. Be careful what you consolidate, particularly if it means closing aged/seasoned tradelines on your credit report. A longer account history has a more positive reflection on your credit score than a short/new account history.





Lewis Stretch


Senior Loan Analyst


Empire Mortgage Services


(240)481-3453


lewis@empiremortgage.com
Reply:first you need to do a written budget. I know nobody wants to do it but it will seem like you have got a raise. When you see where your money is going heips to find money to pay off the debt. I know. I started a budget 6months ago and next month i will pay off credit card debts of close to 20k.





check out daveramsey.com and listen to his radio show or find a station near you to listen to. He has lots of GOOD advice on money and debt.





Be debt free.
Reply:First, stop using credit cards. Second, see if you can do a balance transfer to a lower rate card. Third, budget yourself to a set payment every month on the card that pays it off in a couple years, based on what you can afford.
Reply:consolidation is when you put all debts an a card with lower interest rate. stop going out to eat, cancel cable- whatever you have or are doing that is not absolutly not necessary cut it out and work your butt off paying your bills off not just the minimum payments either that will take FOREVER. pay off credit card first then put what you were paying toward that toward car and then pay it off. oh and stop charging stuff if you don't have cash in your hand to pay for it you don't need. (though i understand emergencies happen) good luck with that- you can do it!
Reply:Debt consolidation is rarely the answer. Throw everything you can at the smallest bill first-get rid of that one and move to the next one. Pretty basic I know but it works. Good luck with this.
Reply:Opt for a debt consolidation loan: The easiest method of getting a debt consolidation loan is to utilize the equity of your home. Equity of your home is calculated and determined by the difference in the amount you have paid and the amount you owe. If the amount you have paid is more than the amount due, you can use it as collateral. This allows you to borrow money on lower interest rates. Besides, you also get tax benefit on this type of loan. Consult your tax advisor before opting for this loan.