High interest rate/Big monthly payments

iVillage Member
Registered: 11-17-2007
High interest rate/Big monthly payments
4
Fri, 12-05-2008 - 4:41pm

I am writing this for the new people out there that have terrible FICO scores, high interest rates/ and a ton of small balances/ and your monthly payments are to high for you to handle. Also you need a strong desire to get out of debt.


I did this years ago. We could not get consolation loans

iVillage Member
Registered: 03-17-2003
Fri, 12-05-2008 - 5:26pm
I agree with ya Mary Ann.
iVillage Member
Registered: 04-09-2008
Sun, 12-07-2008 - 7:01am
This is scary. For anyone who is here after having money trouble and budget troubles, there is no way this is good advice for them.
iVillage Member
Registered: 11-17-2007
Sun, 12-07-2008 - 7:36am

but there are a lot of people that need to get out of high interest and payments that have no other way to turn. They get no good offers in the mail No bank is going to give them a consolidation loan. Yes they got into this 29% mess and now they are serious about getting out it This is just a way if they are careful to get out of it. It is really switching money and saving money on interest..


Scary maybe but it works.


Mary Ann


iVillage Member
Registered: 09-26-2006
Mon, 12-08-2008 - 3:25pm


Agreed, I think the place for this strategy is alongside a broader, solid strategy; if you want to keep outspending your income, it won't last long (and will get even worse)!

As a single mom with only child support as income, and a multi-disabled son whose seizure control was poor, I adopted the strategy put forth in this thread to survive financially. I also had to get my son into a group home, restructure my whole life around frugality, and get a steady job.

Three years ago, I owed $27,500. I owe $8050 now and have a savings larger than the sum I owe, so this strategy doesn't always backfire.

As always, let the buyer beware!

Recreating Myself