Has anyone ever done any debt consolidation?

[bluengold34_OS]

Re: Has anyone ever done any debt consolidation?

This is what I do for a living, the truth of the matter is that the debt consolidation is viewed by many financial orginizations as a chapter 11 bk, not all, but by quite a few. Since I have been working with Experian, Trans Union and Equifax for the last ten years, I can honestly say I know what they are looking for. They want to see 1 mortgage, 1 or 2 car loans and 2 or 3 credit cards with the balance under 50% of the allowed credit limit. If people can stay within those parameters, they should see scores from 720 to 820, assuming they have all I1's and R1's on the bureau.

My wife and I fell into the crecit card trap and had 14 almost maxed out 1 year into our marriage. We had to suck it up for 2 years and have no fun and paid those bad boys off. It was a horrible 2 years, but man was it worth it. I am not saying it's easy, but please STAY AWAY from the credit consolidation comp. If waiting and sucking it up is not an option ( only you know that ) I would highly suggest consolidation to a O% card and then focus all financial ability to that card to kill it.

[chippered]

Re: Has anyone ever done any debt consolidation?

Alright guys, thanks for the help and opinions. Looks like I'll be staying away from consolidation. I'm not hurting by any means, but I would like to eliminate my debt and was looking for suggestions, which I have received.

I'll Pay the credit cards off one at a time, possibly putting a couple of the larger ones on a 0% or low interest card to ease the payment. I dont really splurge, I only own a couple games for my 360, and am not really an impulse buyer. I dont go crazy on clothes, but I do need to curb my dining out, which can be done. I'll just make my fiance pay from now on...

As far as buying a home in the next couple of years, I went through the process of getting approved last year, when my debt was worse, and everything looked good. Not great, but good. Yeah, my debt made things kind of difficult, but I was able to get things set up well enough if I really wanted to do it. Like PK500 said, with the amount of debt I'm carrying, my interest will be higher, resulting in a higher payment. This is the reason I decided not to purchase a home and pay off some of my debt before making another move. My credit score is 724 and that helps a lot. I'm proud of that, especially with the things i've been through the last few years. I've stayed afloat, and am in a position to improve, which is nice.

Thanks again for everyones advice.