consolidation loan debt?

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I bought a house built about 2 years ago and I make my mortgage and rent a lot. I have a 15-year mortgage.I have much credit card debt (I paid about $ 900 per month in minimum payments). I want them to consolidate into one payment, I like even if I live pay check to pay check that I am authorized and reimbursed and you close the account. just want a card with a low credit limit. Plus interest rates are high. I have good credit (about 685-710 people at last check) never missed a payment default or bankruptcy do etc. My question is that I should be able to get a consolidation loan without a co- signer and that is how to go. I also want to buy a new car (rental and we have a new one) do I want to roll together or separate loans and its even possible. Any guidance would be helpful thank you.

  1. Reply
    Question The System
    April 29, 2011 at 11:48 pm

    Bad idea taking out another loan to pay off existing debts.

    Once you pay off those credit cards with the loan – the credit card bill will just pile up again AND you will have the additional loan to pay off.

  2. Reply
    Evil Spoon
    April 29, 2011 at 11:51 pm

    If your credit is good, you can get pretty much anything you want. Go talk to your bank about it. What is the best way to go depends on what interest rate you can get. Whatever you do, however, do NOT call any of the debt consolidation loan crap you see on tv. They are pretty much all scams. Check your bank and see what they offer, and then visit other banks and see who gives you the best deal. The lower the % rate, the better! Good luck!

    p.s. I would HIGHLY reconsider doing anything that involves taking on MORE debt until you have this stuff paid off. That is one of the bad things about leasing a vehicle. Now you need a new one, but getting a new car is going to add to your debt problem. If that is the case, you may want to consider talking to a non-profit credit repair organization.

  3. Reply
    Beau R
    April 30, 2011 at 12:50 am

    I’d advise against it. You are just making minimum payments now, so that by consolidating you only increase the amount of time that you are going to be making minimum payments. After a while, you’ll get an offer to refinance, and it will just extend your minimum payments. You will probably never pay off the principal, but just keep on making payments, for the rest of your life.

  4. Reply
    Benjamin G
    April 30, 2011 at 1:40 am

    a few things come into play, biggest is the gap between what you owe on your house and what it’s worth as long as you can do it and keep at leat 10% equity meaing if it’s worth 150k don’t go above 135k I’d go for it any mortgage company that lends on moble homes will be happy to do it, and you should save a bunch of mony on the high intrest credit cards…hope this helps

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