I have been approved for a 30K Loan which would clear all my credit card debt…would that give me a better credit score if had a 30K loan and no CC debt (Giving me 45k in available credit?) Or should I continue to pay off my credit cards as is….(I’m paying minimum on 3 until I pay the fourth one off and then higher payments towards the next card with minimum on the remaining two and so on)

Pros: A credit counseling organization may work with your creditors to set up a debt-management plan on your behalf, which requires you to make a single monthly payment to the credit counseling organization each month. The organization then uses the money you provide to pay your creditors. Your credit counselor may also work with your creditors to negotiate lower interest rates or waive certain fees.
DMCC has implemented plans to protect our employees and ensure that services to our clients are not interrupted during the existing coronavirus pandemic. All critical DMCC systems and client data reside in the cloud allowing our employees to work remotely from their homes for as long as needed. Our office will remain open with a limited number of staff in order to process mail, but all client appointments and meetings have been suspended until further notice. Clients and consumers needing help can continue to contact us by telephone and account messaging. Debt management plan payments and disbursements will continue to be processed as scheduled.
For example, let’s say you want to use a credit card balance transfer to consolidate. Almost any balance transfer credit card you choose will have a fee that’s applied for each balance transferred. Some have a $3 fee per transfer, while others are 3% of the balance you move. That’s a big difference. If you transfer $25,000, then the 3% card will increase the cost of debt elimination by $750.
Financial Peace University is the proven plan that will get you out of the cycle of living paycheck to paycheck. Financial Peace is the membership that will teach you how to pay off debt, budget, save big, and give like no one else. And right now, you can try it free with a 14-day trial!  You’ll get all nine video lessons that break down the proven plan—the 7 Baby Steps, plus other awesome tools and resources to help you get your money on the right track right now!
As a connection service rather than a direct debt relief lender, the loan products that LendingTree offers and their terms and conditions naturally vary with each individual lender. One advantage of using LendingTree is the ability to survey multiple lenders' debt relief offers without having to disclose one's personal information to those lenders. You only have to make yourself known when you've made the decision to apply for the loan that best fits your debt relief needs. Borrowers can also use offers obtained on LendingTree to negotiate directly with lenders; LendingTree provides customers with lenders' direct contact information for that very purpose.
The average credit card interest rate is 19.02 percent for new offers and 15.10 percent for existing accounts, according to WalletHub research. If you’re carrying high-interest credit card debt, moving it to a balance transfer credit card that offers a low or zero percent introductory rate can help you save money in interest payments while you pay off the debt. (One caveat, though: most balance transfer credit cards charge an upfront balance transfer fee of typically 3 percent to 5 percent of the transfer amount.)
One option for consolidating credit card debt is a balance transfer to a new credit card with a low or 0% promotional interest period. But, if you don’t pay down your balance before the promotional period ends, your interest rate could go up, costing you money. By comparison, a Marcus personal loan has a fixed rate, so you won’t have to worry about varying interest rates.
Debt settlement can be risky. If a company can’t get your creditors to agree to settle your debts, you could owe even more money in the end in late fees and interest. Even if a debt settlement company does get your creditors to agree, you still have to be able to make payments long enough to get them settled. You also have to watch out for dishonest debt settlement companies that make promises they can’t keep, charge you a lot of money, and then do little or nothing to help you.
Before we go any further, let’s cover one distinction. We’ve talked before about how to pay off debt using the debt snowball, a strategy that allows you to pay off small accounts quickly while maintaining a psychological edge over your debt. While the snowball method works for many people, it’s actually not the most efficient. It prioritizes psychology over math. But in the “ladder method”- also known as the debt avalanche method- the tables are turned. This one is for the math nerds, and people who want to pay off their debt fast, even if they may not feel like they are making quick progress. Just keep in mind that “fast” here is a relative term. You won’t close out individual accounts at lightning speed, but this method will help you become totally debt free in the fastest way possible. Let’s take a closer look.

Stick to your plan – When implementing the debt snowball plan, you need to pay the minimum amount due on all your other debts, except the one at the top of your list. Once you pay off your first debt, apply the payment from that debt to the next one – don't pocket the savings. Continue to pay only the minimum amount on all of your other debts. Eventually you will work down the list until they are all paid off.


Borrowers must have the income and creditworthiness necessary to qualify, especially if you're going to a brand new lender. Although the kind of documentation you'll need often depends on your credit history, the most common pieces of information include a letter of employment, two months' worth of statements for each credit card or loan you wish to pay off, and letters from creditors or repayment agencies.

When your creditors take the first step of filing a lawsuit, you are at a risk of your account being frozen or your wages garnished. You can stop this by filing for bankruptcy immediately. The court will stop the garnishment and you will get some financial relief. The law doesn’t apply for garnishment for domestic support such as child support and alimony.
The term debt consolidation refers to the act of taking out a new loan to pay off other liabilities and consumer debts, generally unsecured ones. Multiple debts are combined into a single, larger piece of debt, usually with more favorable payoff terms. Favorable payoff terms include a lower interest rate, lower monthly payment, or both. Consumers can use debt consolidation as a tool to deal with student loan debt, credit card debt, and other liabilities.
The reasoning for debt consolidation is simple: The more debts you have, the more difficult it may be to stay on top of your finances. With so many bills to track, it’s easy for something to fall through the cracks — and, thus, hurt your credit score. Consolidating debt helps you keep track of what you owe while granting the potential for lower interest rates than what you currently pay.
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