Originally posted by g unit
I'm not concerned with reducing the principal, just the interest rate. I'm not too familiar with debt consolidation loans, but from the info I got from one source, what they do is cancel your credit cards and set up a repayment plan that fits your income. The drawback of going that route is that it puts a R7 your credit rating for each of the credit cards they cancel, thereby leaving you with shitty credit and making you rebuild it on your own through secured credit cards, etc.
Has anyone on here done a consolidation loan, and if so, can you tell me the impact it had on your credit score, what interest rate they were able to get you and if you would do it again.
Lastly, if anyone has gone the bankruptcy route, I'd appreciate getting any valuable info you may have.
transfer your balance to one of your other cards that you didn't max out and they will gladly take it at 4-6%.
If you maxed out all of your credit cards apply for a new one and do the balance transfer.
Most cards will give you 6-12 months of low interest for the grace of carrying your balance.
You can pretty much swap between cards every year, or just keep getting new ones. Just dont spend your new credit on frivolous stuff and you should be ok.
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