edubb007 Posted January 5, 2005 Report Share Posted January 5, 2005 Anyone have a good, reputable company that I can use for a friend to pay off some high interest bills?There's a couple that I have Household Finance, Wels Fargo Financial and Chase.... Any others?The ranges are 663 to 679 on Tu and EQ.Thanks...Edubb Link to comment Share on other sites More sharing options...
DHK Posted January 5, 2005 Report Share Posted January 5, 2005 Even if approved by those companies mentioned......you'd be paying high interest debt off with even HIGHER interest debt! These companies are usually LAST resort for people and are not suitable for "refinancing" unsecured debt. (Trust me, I know, I did it and I wish I never had!)I'd try PFB first to ask for a lower rate on the accounts in question. If utilization is good (under 50% and preferrably under 30%), try for a CLI. If that doesn't work, I'd try for a unsecured card with a good intro APR. If getting additional credit won't help, you might want to try contacting each creditor to establish a better payment plan for affordable payments._________________________BTW, CitiFinancial & Beneficial are other companies in the same category that you are asking about. Link to comment Share on other sites More sharing options...
edubb007 Posted January 5, 2005 Author Report Share Posted January 5, 2005 Great ideas! I have looked at his money and he basically wants one payment and that's it. I will talk to him about utilization but he's very low and just needs help getting out from under school/revolving interest. Maybe I can look into the full extent of his rates! You know.I'll keep you posted!Edubb Link to comment Share on other sites More sharing options...
Guest jeeptravel Posted January 5, 2005 Report Share Posted January 5, 2005 edubb. I heard Dr. Phil the other day and his credit repair expert say that you should never borrow money against your house to pay credit card debt. I've also heard Suze Orman say it many times. I'd encourage him to hang in there and keep the home equity high.I know freids and advice re kinda like oil and waterhope you are well sirJeep Link to comment Share on other sites More sharing options...
edubb007 Posted January 6, 2005 Author Report Share Posted January 6, 2005 Thanks JT..I thin khis main battle is there is no home for the equity to be kept in. He has no property and that seems to be his problem. No collateral! I told him to keep paying and once he finds the right deal he'll know. I just have no where for him to turn. He has:1 CC BT of 0% for another year about 3K1 CC BT 0% for another year about 4k1 school loan at 8.25 w/ 3600K1 Installment/Refi @ 13-16% w/ 12KWith no property to secure funds with he is going to get a personal loan with about 21-25% interest! Whacked out rate. So he should stay where he is. It's the big bill that's killing him @ 13-16%! That's highway robbery! Link to comment Share on other sites More sharing options...
admin Posted January 6, 2005 Report Share Posted January 6, 2005 Geez I HATE to agree with Suze (who gives tons of bad advice about credit, IMHO, but who is decent on other personal finance issues) and Dr. Phil (whom I despise), but they are right - it's generally a bad idea. However, if that's the last place for him to turn, it's certainly more cost efficient than ruining his credit. Link to comment Share on other sites More sharing options...
Guest jeeptravel Posted January 6, 2005 Report Share Posted January 6, 2005 How about asking one for a BT? Link to comment Share on other sites More sharing options...
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