Question by sporteguy03: Would a personal loan to pay credit card debt be better then a debt management program?
I have about 25000 of debt but can still pay montlhy payments on time and never missed a payment…if I try to get a personal loan from say lendingtree.com as opposed to a debt management program which looks better to creditors?? My beacon score is around 650-670….I am going to a credit counseling agency to see what they think….they are HUD approved and non-profit. I still have some assets stocks and bonds totaling 6000…I do get paid consistently and been trying some internet surveys to make some small money on the side to my job. What things should I look for at the credit counseling agency? Such as if they are legit or not in my situation?
Best answer:
Answer by Amanda H
Fixing things on yoru own is ALWAYS best– those credit counseling places might be non profit but they ask for donations– AND They hurt your score while you are in them.
If you are able to make your payments on time, you may not even qualify for their help.
Have you tried calling yoru CC’s directly and discussing payment plans/ideas that would get you out of debt sooner? Perhaps if you add just a montht they will cut your APR or lower fees. They really do try to help if you talk to them.
Also, 25K is an extreme amoutn of money for an unsecured loan. Unless you have a newer car you can put up as collateral, it would be VERY hard to get a loan that large.
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