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Is is a great idea to consolidate collge, car, and credit cards payment?

Is is a great idea to consolidate collge, car, and credit cards payment? Topic: To draw up a conclusion
June 20, 2019 / By Lauryn
Question: I just got my self into a pot hole literally I need some advice is it ok to consolidate all these things together. Finally, know I'm making only one payment a month? Will this take longer?pleassssssssssssssse................ !
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Best Answers: Is is a great idea to consolidate collge, car, and credit cards payment?

Jobeth Jobeth | 5 days ago
Hi there, This all depends on a number of variables, that you really didn't give much detail on. Primarily, how much the debt is for each, how much the payments are for each (Minimum is fine), what the individual interest rate is for each, and how long you have to go to pay on them before they're gone. Knowing your credit history can help here as well, albeit even if it's only an "Ive got a good history with creditors", or "these are first purchases and first creditable items". Without that, it's hard to recommend a course of action. All that being taken into account, I'll try and give you some general ideas and suggestions that may help clear things up a bit. 1. College loan payments. Typically these are student loans that do not have to be paid off until school is over, and are usually at a low interest rate as required by federal law for student assistance. If you have anything else, where the interest is 10% or more, or you're paying as you're going through school, then what I suggest won't have merit. But, if it IS after school and you're paying your student loans off.... generally, the rate is so low on that, it's not wise to consolidate it into anything else. Depending on your credit financial history and such, the typical loan rates for consolidation run from 9-22%, with average being 12-16% of prime rate. That means, whatever the bottom line is, it'll take say 16% more $$ to cover having the payment option spread out over the next 5 years or so. If you have the standard student loans.... consolidating this isn't a good idea. If you have a non-standard school loan or the % is equal or higher to what I'm quoting... then... perhaps. Usually though, you pay off the student loans on time or earlier, on their own. The rates are generally excellent. 2. Car. No idea if this is a used car, new or what. Rates also go all over the board, depending on who you financed with, if it's internal to the dealership (Ford Motor Credit for example), or a home bank. Once again... standard consolidation loan rates run from 9% (excellent credit score and low financial risk to lendor) to 22 % (median to relatively poor credit score and higher $$$ amounts and risk towards the consolidating lendor). If you only have a year or two left on your car payments... usually it's not worth consolidating, those hidden fees for consolidation can eat up any financial gain to you. If you just started paying on the car, and it's over $5,000, then perhaps consolidation can be a good idea, especially if your credit score might have gone up since you obtained financing for the vehicle. It's also possible that you can secure a better rate through a consolidation loan/firm than what you got, if say you feel like they didn't give you the best deal rate possible (yes, car dealers DO lie about their rates, a lot). With the depreciation value of an automobile though, sometimes you can't consolidate those in, if say the bank sees it as a risk (old car, young driver, car being parked in bad neighborhoods, etc.). So.... depending on a LOT of factors, it's about 50/50 if consolidating a car payment can be beneficial to you financially. Just see where you feel you fall in with what I spoke of, and draw your conclusions from that. 3. CC debt. This is the single most important item to consolidate and/or seek help on if your finances are tight right now. I won't lie, I hate CCs. I used to work FOR a CC on their financial databases and what-not. The rates they stuck on people sometimes... in the fine print was just criminal sometimes. As such however, this one you have the most flexibility for you to utilize. You can seek a consolidation loan with a credit counseling group, sometimes at a minimalist rate possible, or you can see if another card type offers you a lower general APR rate, and a 0% rate for the first year or so, and transfer what you have currently onto that card and cancel the card you have now. Trust me, having that 0% interest first year is a HUGE help if you can make double payments or significantly over what is minimum on the card (I was able to pay off $4,000 against my principal balance when I did it, leaving me with under $1K left to finish off once my 9.99% APR kicked in. As long as you're responsible in that first year and don't put more ON it, that is a huge benefit to CC debt holders if they can use it right. Annnnnnd if neither of those seems feasible, and your debt is high and your APR rate is higher (16-30%), then getting a standard median interest bank loan at say 12% interest to cover what you owe (make sure to call the CC and get a buyout $$ figure to bring into the bank for loan figures, the CC will tack on last minute financing fees usually in the neighborhood of $50-100 if you don't) is a very good idea. That one is just simple math... 12% interest on bank loan for 3 years to cover CC debt, versus say 19.99% APR interest from the CC. It might be tough goings and a little disconcerting to getting a bank loan for such a thing... but if you have a stable job, a financial history, a history with the bank in question can help, it can go well enough and you can be at least free of the CC astronomical interest payments. So... I know that it's a lot of info, and I can't say for sure if consolidation is best since I don't know the particulars, but hopefully I've given you enough general information to give you an idea if you'd be better suited for one path or the other on all 3 options of consideration here. If you find that the interest rates you have in place now are better than you can find in consolidation, but your finances are still stressed, I do have one other suggestion in mind. I just did this myself here at the end of the year since an extra means of income dried up for me in the Fall and I still want to keep up on putting down double payments on the car against my principal. The suggestion would be if you get the bills for all 3 around the same week (usually 1st of the month, possibly trying to stagger them out a little better throughout the month itself. Student loans usually aren't as big a payment as either the car payment or the CC payment... so maybe keep it with one of them, and contact a representative of perhaps the CC company and see if you can move your CC payment requirement to 2 weeks later. That way you space out the burden a little more, and it's easier to manage month to month. A rep for any of the 3 would work with you in such a case as long as you've been paying your bills on time, but the CC is usually the bigger payment, and their reps have more leeway to work with you on an initial call on the phone. It's my suggestion at least. :) Hope this helps you out on the whole mess. I've been there, more than once, believe me. Time, patience, and having the right frame of mind is about the best way to get out of it though. Still can't say if consolidation is the right way to go for you or not.... but often you do end up paying more in the long run from those extended payout options, unless it's a credit counseling firm's rate. If ya need any further help, or want to crunch some specifics on numbers, just send me a note if you wish. :)
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Jobeth Originally Answered: Is is a great idea to consolidate collge, car, and credit cards payment?
Hi there, This all depends on a number of variables, that you really didn't give much detail on. Primarily, how much the debt is for each, how much the payments are for each (Minimum is fine), what the individual interest rate is for each, and how long you have to go to pay on them before they're gone. Knowing your credit history can help here as well, albeit even if it's only an "Ive got a good history with creditors", or "these are first purchases and first creditable items". Without that, it's hard to recommend a course of action. All that being taken into account, I'll try and give you some general ideas and suggestions that may help clear things up a bit. 1. College loan payments. Typically these are student loans that do not have to be paid off until school is over, and are usually at a low interest rate as required by federal law for student assistance. If you have anything else, where the interest is 10% or more, or you're paying as you're going through school, then what I suggest won't have merit. But, if it IS after school and you're paying your student loans off.... generally, the rate is so low on that, it's not wise to consolidate it into anything else. Depending on your credit financial history and such, the typical loan rates for consolidation run from 9-22%, with average being 12-16% of prime rate. That means, whatever the bottom line is, it'll take say 16% more $$ to cover having the payment option spread out over the next 5 years or so. If you have the standard student loans.... consolidating this isn't a good idea. If you have a non-standard school loan or the % is equal or higher to what I'm quoting... then... perhaps. Usually though, you pay off the student loans on time or earlier, on their own. The rates are generally excellent. 2. Car. No idea if this is a used car, new or what. Rates also go all over the board, depending on who you financed with, if it's internal to the dealership (Ford Motor Credit for example), or a home bank. Once again... standard consolidation loan rates run from 9% (excellent credit score and low financial risk to lendor) to 22 % (median to relatively poor credit score and higher $$$ amounts and risk towards the consolidating lendor). If you only have a year or two left on your car payments... usually it's not worth consolidating, those hidden fees for consolidation can eat up any financial gain to you. If you just started paying on the car, and it's over $5,000, then perhaps consolidation can be a good idea, especially if your credit score might have gone up since you obtained financing for the vehicle. It's also possible that you can secure a better rate through a consolidation loan/firm than what you got, if say you feel like they didn't give you the best deal rate possible (yes, car dealers DO lie about their rates, a lot). With the depreciation value of an automobile though, sometimes you can't consolidate those in, if say the bank sees it as a risk (old car, young driver, car being parked in bad neighborhoods, etc.). So.... depending on a LOT of factors, it's about 50/50 if consolidating a car payment can be beneficial to you financially. Just see where you feel you fall in with what I spoke of, and draw your conclusions from that. 3. CC debt. This is the single most important item to consolidate and/or seek help on if your finances are tight right now. I won't lie, I hate CCs. I used to work FOR a CC on their financial databases and what-not. The rates they stuck on people sometimes... in the fine print was just criminal sometimes. As such however, this one you have the most flexibility for you to utilize. You can seek a consolidation loan with a credit counseling group, sometimes at a minimalist rate possible, or you can see if another card type offers you a lower general APR rate, and a 0% rate for the first year or so, and transfer what you have currently onto that card and cancel the card you have now. Trust me, having that 0% interest first year is a HUGE help if you can make double payments or significantly over what is minimum on the card (I was able to pay off $4,000 against my principal balance when I did it, leaving me with under $1K left to finish off once my 9.99% APR kicked in. As long as you're responsible in that first year and don't put more ON it, that is a huge benefit to CC debt holders if they can use it right. Annnnnnd if neither of those seems feasible, and your debt is high and your APR rate is higher (16-30%), then getting a standard median interest bank loan at say 12% interest to cover what you owe (make sure to call the CC and get a buyout $$ figure to bring into the bank for loan figures, the CC will tack on last minute financing fees usually in the neighborhood of $50-100 if you don't) is a very good idea. That one is just simple math... 12% interest on bank loan for 3 years to cover CC debt, versus say 19.99% APR interest from the CC. It might be tough goings and a little disconcerting to getting a bank loan for such a thing... but if you have a stable job, a financial history, a history with the bank in question can help, it can go well enough and you can be at least free of the CC astronomical interest payments. So... I know that it's a lot of info, and I can't say for sure if consolidation is best since I don't know the particulars, but hopefully I've given you enough general information to give you an idea if you'd be better suited for one path or the other on all 3 options of consideration here. If you find that the interest rates you have in place now are better than you can find in consolidation, but your finances are still stressed, I do have one other suggestion in mind. I just did this myself here at the end of the year since an extra means of income dried up for me in the Fall and I still want to keep up on putting down double payments on the car against my principal. The suggestion would be if you get the bills for all 3 around the same week (usually 1st of the month, possibly trying to stagger them out a little better throughout the month itself. Student loans usually aren't as big a payment as either the car payment or the CC payment... so maybe keep it with one of them, and contact a representative of perhaps the CC company and see if you can move your CC payment requirement to 2 weeks later. That way you space out the burden a little more, and it's easier to manage month to month. A rep for any of the 3 would work with you in such a case as long as you've been paying your bills on time, but the CC is usually the bigger payment, and their reps have more leeway to work with you on an initial call on the phone. It's my suggestion at least. :) Hope this helps you out on the whole mess. I've been there, more than once, believe me. Time, patience, and having the right frame of mind is about the best way to get out of it though. Still can't say if consolidation is the right way to go for you or not.... but often you do end up paying more in the long run from those extended payout options, unless it's a credit counseling firm's rate. If ya need any further help, or want to crunch some specifics on numbers, just send me a note if you wish. :)

Gabriela Gabriela
It all really depends on how high of an interest rate you are paying on those loans. If you are a home owner i would reccomend refinancing and getting cash out to pay off the debt. Usually the rates on home mortgages are lower than that of a car loan or credit cards. College on the other hand should be lower than a home mortgage unless it has been adjusting for several months/years. If you own a home i would look into refinancing and pulling out cash to pay off your debts while at the same time lowering your monthly payments. Rates on mortgages in california are around 6% right now(depending on credit). Or you can get a loan from a bank to pay off all your debt(rate may be higher) hope this helps
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Davina Davina
No No No it's a horrible idea. for instance, if you owe 2 more years of car payments, why would you want to continue to pay for it for the next 10 or 15 or 20 years? you make your bill a little smaller but you never get it paid for. borrowing from Peter to pay Paul doesn't make since. it will cost u so much more in the end. Maybe a second short term job would get u thru. sometimes when we make a mess we have to clean it up. credit cards-tear them up and pay them off. if u don't have the money to pay for it simply don't buy it. been there done that.
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Brenda Brenda
Bringing all of it right into a single fee won't be fixing something. It only simplifies your existence, yet each so often does it at a cost. First, your guidance loans might desire to be saved separate, because of the fact they may well be in the back of schedule fee. there is not any reason to lump them in with different loans, because of the fact they savour a particular prestige. (on the disadvantage, you may not comprise them in a financial disaster submitting, yet we are nevertheless hoping you will not might desire to do something that drastic). Secondly, it is the charges of activity you will possibly desire to be centred on, not the month-to-month funds. in case you have greater activity, then it would desire to be sensible to refinance them (consolidate them), yet whilst they have a decrease activity value, then you definately might desire to in all probability sidestep refinancing. automobile funds, as an occasion, in many cases have decrease fees of activity, and credit enjoying cards each so often do, additionally. as a effect, all of this might desire to be carried out selectively. Making one massive fee a month won't tutor you ways to to any extent further than making a gaggle of small funds. It looks like your challenge is greater a results of not with the flexibility to regulate you cash, fairly than owing too lots. you will possibly desire to in all probability sit down with a expert credit counselor (or basically an invaluable pal) and make certain a fee plan that would not contain radical steps like consolidation. In my experience, people who consolidate their debt without addressing the basis challenge finally end up getting back into as lots debt as they beforehand had on credit enjoying cards, and so on, and nevertheless have the consolidation very own loan TOO. Now, it incredibly is a real challenge!!!
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Brenda Originally Answered: I AM SO STRESSED OUT FROM COLLGE APPLICATIONS, I NEED HELP?
One step at a time. You'll have plenty of time to stress about dorm life next summer. Right now, focus on the things that you can affect: grades, application essays, and things like that. Worrying about things over which you have not control is just a waste of energy. Have some faith that you will end up at the right school and that you, like 95% of all college students, will have a great experience. In terms of the universities you are applying to, do a quick assessment in terms of the "features" that are important to you: size, class size, location, distance from home, weather, housing options, proximity to other things, school culture, activities you want to be involved in, etc. Are there any schools that really don't fit your criteria? If so, don't apply. Then look at the "selectivity" compared to your academic record. Do you have a couple reach, target and safety schools?

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