Comments on: Credit Card Debt Consolidation Options

By: Catherine

Catherine — Sun, 15 Nov 2009 21:38:25 +0000

good post. very relevant to conversations I hear at work every day. the post mentioned borrowing from a 401k. what about cashing some basis from a self-funded Roth to pay credit card debt?

By: tim

tim — Sun, 23 Aug 2009 16:46:20 +0000

Keep in mind that credit cards are typically unsecured by collateral. Some other forms of borrowing are srecured by collateral and may have additional risks.

By: CreditCardDebt.org

CreditCardDebt.org — Sun, 23 Aug 2009 16:44:50 +0000

Rising interest rates and unsecured debt accumulation amongst the United States population is on the rise. Now, more than ever, people find themselves paying just the monthly minimums to stay afloat. With the average unsecured debt carried on credit cards approaching $10,000 per family, credit card companies have now started implementing higher late payment fees and increasing interest rates into twenty percent rates and higher. Beyond home foreclosures and short sales, consumers throughout the USA are now facing the next debt bubble.

By: Colourful Money

Colourful Money — Sat, 02 May 2009 09:32:20 +0000

I agree with the last resort family and friends. As the old addage goes, never mix business with family/friendship. Believe me, I know this first hand.

Solid article all around and something of use to the masses. Thanks!

By: Phinance

Phinance — Sat, 02 May 2009 09:28:37 +0000

Less available credit all around is a good thing. It’ll force people to be more immediately responsible for incurring debt and paying it off in a timely manner.

We had a prolonged period of plentiful credit and look where that got us. Credit card companies should be regulated, but so should the credit-addicts who are buying the product.
Sorry, forgot to add great post! Can’t wait to see your next post!

By: Phinance

Phinance — Fri, 01 May 2009 23:26:28 +0000

Less available credit all around is a good thing. It’ll force people to be more immediately responsible for incurring debt and paying it off in a timely manner.

We had a prolonged period of plentiful credit and look where that got us. Credit card companies should be regulated, but so should the credit-addicts who are buying the product.

By: PT Money

PT Money — Fri, 01 May 2009 18:27:20 +0000

I have never tried the social lending thing. But I do like your thoughts on maybe using it to rid of credit card excesses. Will have to look into lending to them as well. I appreciate your mention of the 401K article.

By: Wealth Pilgrim

Wealth Pilgrim — Fri, 01 May 2009 14:43:16 +0000

This is indeed a good list of alternatives but I like DDFD’s comments as I’m sure everyone here does.

Also, I would want to find out exactly why someone got into debt before I tried to fix the problem because if I don’t take this step, the person may get right back into trouble.

By: Writer Dad

Writer Dad — Fri, 01 May 2009 13:31:10 +0000

One of my credit card companies sent me a letter to lower my limit. I was well below my old one, but a hair over my new one. Cue the over limit fee. GRRR.

By: Frugal Dad

Frugal Dad — Fri, 01 May 2009 12:40:39 +0000

@Kevin: Are you referring to Lending Club? If so, I’m a big fan of both sides of their service – both as a lender and a borrower. I have a small sum of money invested there as sort of a test run before making a larger investment. So far, I have no complaints. Here’s my write up about the experience:

http://frugaldad.com/2009/03/05/peer-to-peer-lending-lending-club/