Question by PlasticTrees: How long does it take to get through debt consolidation?
My boyfriend said we can try for a baby after he goes through debt consolidation. He has $ 30k in credit card debt and a $ 75k house he is putting in consolidation. His credit card payments are $ 500 each. When could he expect to have the card companies paid off after finding his lender for the loan?
Best answer:
Answer by emiyly watson
hey see www.moneyjobz.com
for this.
you’ll see the links specificly about this on the left and the right side so you dont have to go and search everywhere
Source(s):
searched and visited personally.
Add your own answer in the comments!
|
Being Harassed by Creditors or Debt Collectors? 
If you are being contacted by creditors or debt collectors you need to know that there are laws that are on your side to protect you. These laws provide for penalties when creditors or debt collectors go beyond the law to try to collect debts. Consumers, just like you, are collecting $1000s from major lending institutions and smaller debt collectors. Collectors hope you don't know your rights. But, filing a simple lawsuit can often bring in cart loads of cash. |
Related posts:
- Loan debt consolidation, What is the best debt consolidation company at the moment?
- What is the best site for Christian debt consolidation? Is it better than regular debt consolidation?
- What is the best debt consolidation company?
- How can I get debt consolidation with hospital bills and non credit card debt?
- What is the best website for Christian debt consolidation?
That is 100% up to the individual lenders and the company. There is no legal time-line as he is not legally entitled to a consolidation. He might have one credit card issuer that can delay the process for months.
Not to hard to figure out.He has $ 100,000 in debt at $ 500 a month that would be $ 6,000 in a year.It will take over 15 years just to pay off the $ 100,000. Looks like you will be waiting quite a while for the baby.Even if you agreed to pay off the $ 30,000 and then have a baby that will take 5 years.
the time frame is unknowable depends on your lenders and your self. it can varey
Debt consolidation is a rip-off that only ruins your credit further.
His best bet is to go through Dave Ramsey’s Financial Peace University and learn to manage his money and pay down his debt using the debt snowball method.
Once he feels better about having control over his finances, he’ll feel better about starting a family… even if his debt isn’t completely paid off.
Good luck.
Debt consolidation is the absolute worst, unviable means to resolve credit card debt. Your boyfriend is taking an unsecured debt and securing it by rolling it into a secured asset…his home. In the unwanted event that something happens to him or his income is drastically reduced, he may have severely jeopardized being able to keep his home. Debt consolidation is an absolute no no.
Use the following website to calculate the length of time to pay off just the credit cards at their current interest rates and their respective monthly payments. You will be astonished and probably sick to your stomach.
http://cgi.money.cnn.com/tools/debtplanner/debtplanner.jsp
After you’ve done those simple calculations, then proceed to research and find a more viable means to resolve the credit card dilemma much sooner. You may just do so if you follow along here.
You should run as fast as you can from any debt settlement or debt consolidation program. They are very costly, extremely ineffective and can leave you exposed to lawsuits.
First of all traditional debt settlement has well over a 70% failure rate, mainly because they provide you no protection from the creditors. They offer to settle your debts for average of 50%, they charge you 15% of your debt as a fee, then you pay income tax on the cancelled debt. When all is said and done you are back to at least 85% of what you started with in costs out of pocket. What did that accomplish for you? All during that agonizing 4 or more year process your credit is in the tank, precluding you from moving on with any of your financial goals. That’s a long time to be exposed to lawsuits.
In debt consolidation you are trading an unsecured credit card debt for a secured debt backed by an asset such as your home. That is the worst possible financial blunder ever offered in the credit industry. It could cost you your home.
Here is a proven solution where you can empower yourself with a unique program that enables you to pay off those accounts for as little as 10 cents on the dollar. You may save up to 90% off on the balances your creditors say that you owe. You can be debt free in about 18 months, protect your home and other assets, be protected from creditor liability lawsuits, saving you many thousands $ $ $ in out of pocket costs, no tax consequences and your credit will be restored at the end of the process. Do your research. Just Google “credit card debt resolution” or “zero credit card debt” and you will find the ultimate solution.
All cases are different and it would be best advised that you contact a debt relief company that can advise you without taking any money up front to give you a more accurate read but it typically is 3-5 months. I would call active debt as they were incredibly helpful with my friends case and I believe it took a little less than 6 months but it worked out rather well for my colleague.