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Card Consolidation Credit Debt Help

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Frances Said:

Has anyone borrow from overseas money lender for credit card debt consolidation? Are they trustworthy?

We Answered:

citibank offer loans over the net up to $$25k pretty much right away.
however with bad credit this is not possible.
if you don't have security to offer then private money is about the only option.
there are sharks here who will lend at 4% per month.
let me know where you are accesing the singapore money from and i'll take a look thru the terms with you.

Georgia Said:

Credit card debt consolidation help?

We Answered:

In Malaysia, the amount of people in debt is still on the rise. People have relied heavily on their credit card, car loan, home loan and personal loans. These avenues of finance carry very high interest rates especially credit card loan and with that people can dig themselves deeper and deeper into debt.

One of the options which people have sought out to help reduce their debt payments is the debt consolidation loan. Credit Counseling and Debt Management (CCDM) Agency established by Bank Negara Malaysia (BNM) is a legitimate agency that offers you a consolidation loan, debt reduction service, or financial assistance in any form will not charge you for the consultation. They will first assess your financial status and will state up front whether they can actually help you or not. You must stay away from so-called non-profit lending institutions that ask for donations or contributions outside of your loan payments.

This option allows you to consolidate all the card debts, personal loans etc into one loan, which by itself has a lower interest rate. As a result you end up paying less per month compared to what you were paying compared to all the other individual payments separately.

Jill Said:

Any recomendation for a credit card debt consolidation firm?

We Answered:

A bank.

Rachel Said:

Credit Card debt consolidation? have you done it?

We Answered:

If you need help with your debt, avoid a debt repair/ consolidation company.
Instead, find a local chapter of They are a non profit agency that will help you with a plan to pay off your debt. They will not charge you outrageous fees and then leave you hanging.

Edith Said:

Please help: Could credit card debt counseling and debt consolidation be helpful to me and my situation?

We Answered:

These companies work by taking your payments, not paying the card issuer, watching your credit get trashed and then offering to settle at a discount. You will not get credit again for a long time and if future employers run a credit check on you, you may well be refused a new job. I would just contact the issuers and see if you can get the interest rates reduced. Then, after setting aside enough for the minimum payments on all the cards, I would pay down the card with the highest balance first, until it was fully paid off. And then I would move on to the next highest card.

If you want help, then the following company seems to be recommended by "experts":
National Foundation for Credit Counseling
(800) 388-2227
Also known as Consumer Credit Counseling Service (CCCS)

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