Debt Consolidation

[Amethyst]

If you wanted to consolidate all your credit cards and pay off a debt but without writing down that you own a home, how do you go about doing this? I would like to find the lowest interest credit card out there. I've been trying to do some research on the Internet but either I'm not going about this properly or something else. I'm thoroughly tired of being tied down with debt. My shop-a-holic-ness must come to an end.

 

[Amethyst]

We do own our own home. My husband and I have separate credit cards and accounts and since this is *my* debt, I want to take care of it on my own. He doesn't know just how deep in debt I am and I was hoping to begin taking care of this on my own, without involving our property & hopefully without him knowing either.

 

[melillo50]

Originally Posted by Amethyst We do own our own home. My husband and I have separate credit cards and accounts and since this is *my* debt, I want to take care of it on my own. He doesn't know just how deep in debt I am and I was hoping to begin taking care of this on my own, without involving our property & hopefully without him knowing either.

You should apply for an unsecured loan from your bank, for debt consolidation; use the funds to pay off your credit cards, and you would have one monthly payment, and a lower interest rate - the interest rates on some credit cards are ridiculous!

 

[Amethyst]

I would do a home based business on the side from my regular job but I don't know what I would do. I have thought about selling stuff on Ebay but I don't think that would generate much profits, between the fees Ebay collects and all.

I'm really bad - I've been in debt before. Paid it all off but it was torture. Promised my husband it wouldn't happen again and here I am. I definitely have a serious shopping problem. People joke about it (myself included) but the temporary satisfaction you get from shopping doesn't take away the awful suffocating feeling of being in debt.

I will look into the unsecured loan thing. Thanks.

 

[Amethyst]

Thanks for the tip Charmaine.

My first plan is to go to my regular bank and see what the deal is on an unsecured loan. I have cut up my credit cards many times and then reapplied or they just send me new ones. Its a vicious cycle for me and everytime I say I'm going to kick it, it goes good for a while and then I'm off the wagon again. I'm not getting any younger - LOL - its about time I behave more responsibly with my budgeting. Its like dieting - I have no willpower!!

 

[suzukigrrl]

Originally Posted by Amethyst Thanks for the tip Charmaine.
My first plan is to go to my regular bank and see what the deal is on an unsecured loan. I have cut up my credit cards many times and then reapplied or they just send me new ones. Its a vicious cycle for me and everytime I say I'm going to kick it, it goes good for a while and then I'm off the wagon again. I'm not getting any younger - LOL - its about time I behave more responsibly with my budgeting. Its like dieting - I have no willpower!!

When my mother died she had some outrageous amount of credit card debt (like 10,000 range) that nobody knew about. It was quite a shock for my father to find that she had been receiving all the bills at a PO box so nobody would ever know. It was even more of a shock for him to have to pay this all off. If you are that much in debt don't hide it. If you are worried that your husband will be upset that you have so much debt tell him after you do the consolidation or whatever you end up doing. Treat shopping as if it were an addiction, and get some help with financial planning so that you don't end up in this situation again.