Answers.com > Wiki Answers > Categories > Business & Finance > Personal Finance > Money Management > Credit > Credit and Debit Cards > How do you decide between a 125 no equity loan or a debt counseling agency to consolidate your huge credit card debt?

How do you decide between a 125 no equity loan or a debt counseling agency to consolidate your huge credit card debt?

In: Credit and Debit Cards, Debt Counselors and Consolidation, Credit [Edit categories]

Answer:

Answer

Keep in mind the 125 loan will probaly have high interest or some other means of increasing the payment in the future. The lender wants to be covered for their risk. Talk to a banker about the loan and an Attorney about the debt couseling agencies. That should give you your answer. Check out either company you decide to go with by calling the BBB of your state.

First answer by ID1157920772. Last edit by ID1157920772. Question popularity: 29 [recommend question].

[report abuse]

Can you answer these Credit and Debit Cards questions?

	What are the types of consumer credit?	Answer it!
	What is a disadvantage of credit cards but not of all consumer credit?	Answer it!
	What are all the kinds of credit cards can you use on eBay?	Answer it!
	Where is the security code on a visa card?	Answer it!
	How do you use credit card?	Answer it!

Relevant answers:

How to consolidate credit card debt?
For credit card holders, a good way to consolidate debts is by transferring your outstanding balances to your card that holds the lowest interest rate. That way, your monthly payments will be...
What is the difference between debt card and credit card?
A debit card removes money from your account the moment you use it. A credit card is a promise by you to pay the bill when it comes in the mail. Simply put: Debit Card - pay now. Credit card - pay...
How do you come out of your credit card debt?
Most credit card statements will show you how long it will take to pay off your credit card debt based on your minimum payment and interest rate.You can avoid debt settlement and debt consolidation...
How do you reduce credit card debt?
You pay more than the interest and the minimum required amount. If you are behind on several credit cards, you try to pay the most on the one with the highest interest rate. You want to get that one...
If in credit card debt what should you do?
First of all, stop spending. Try to negotiate with the lender(s) of the cards. Call them up individually and tell them that you can no longer afford the minimum due each month (if too high). Some are...