Questions about consolidating

[alltherage]

I did a search and there is a really old thread from 06 about this but I thought with the difference of the times things might have changed.

I have a relatively small amount of debt, but it's in a few places. It totals under $5k but I'm having a hard time getting organized and would much rather just pay one chunk off instead of 3. Part is a student loan, part is a credit card, and the other is a personal loan.

My questions are:

1) Where should I go to get this done? I have great credit, but I want the best customer service and rate.

2) Will a consolidation loan ding my credit rating? I know any time you apply for a loan it does a small nik, but does this show up as anything more than that?

I am very young and just starting my career, so I don't have any assets so far, but companies keep sending me junk mail where I'm pre-approved for like 10k, so I know I can do this, I just wonder if it would be healthy or not.

Any insight is appreciated, and any referrals would be really good. Please PM me if you are not sure about referring out in the open.

Thanks!!!!

[GGG]

Tax wise you should keep the student loan as the interest is deductable. So the interest on the new loan would have to be 25%ish less then the interest on the student loan

[Locke]

I understand that the Kostitsyns might know a guy that can help you out.

[moncton golden flames]

i am about to refinance my house and am wondering about consolidating some debt. i've had a rough go the last few years and have an accumulated credit card and student loan debt of about $10,000. i also owe my father about $20,000.

is it worth it to add this to my mortgage? won't i be paying much more over the long term in interest?

any advice or experience is welcomed!

[Cowboy89]

Originally Posted by moncton golden flames

i am about to refinance my house and am wondering about consolidating some debt. i've had a rough go the last few years and have an accumulated credit card and student loan debt of about $10,000. i also owe my father about $20,000.

is it worth it to add this to my mortgage? won't i be paying much more over the long term in interest?

any advice or experience is welcomed!

Why not sell some gold and silver?

Opps, sorry my post comes a week too late!

[Travis Munroe]

edit

[moncton golden flames]

Originally Posted by Cowboy89

Why not sell some gold and silver?

Opps, sorry my post comes a week too late!

not the right time to sell! the gold/silver ratio is still not where it needs to be.

[Slava]

Originally Posted by GGG

Tax wise you should keep the student loan as the interest is deductable. So the interest on the new loan would have to be 25%ish less then the interest on the student loan

I hear that a lot, but it's a non-refundable credit. In other words you have to be paying a lot of interest before it's much of a factor. The credit amount here is 17% on the interest paid....about $85 for every $500.

Sure it's better to get $85 than to not get it, but it also not enough to necessarily warrant keeping them either...especially if you can consolidate with a better interest rate.

[Sinny Darino]

You never ever ever want to consolidate any consumer debt into your morgage. You are taking that 20,000 or 30,000 and stretching it over the life of your whole mortgage, and you will pay a tonne more interest.

As for a consolidation loan, just shop around, see who will give you the LOWEST interest rate. Some people actually get tricked into consolidation at 33%, so make sure it is 10% or less. If people refuse to give you that just threaten to take your business somewhere else. Another thing you can do is get a new credit card, one with a "low introductory" interest rate for the first 2 years and put everything on that.

[Deegee]

Originally Posted by Sinny Darino

You never ever ever want to consolidate any consumer debt into your morgage. You are taking that 20,000 or 30,000 and stretching it over the life of your whole mortgage, and you will pay a tonne more interest.

As for a consolidation loan, just shop around, see who will give you the LOWEST interest rate. Some people actually get tricked into consolidation at 33%, so make sure it is 10% or less. If people refuse to give you that just threaten to take your business somewhere else. Another thing you can do is get a new credit card, one with a "low introductory" interest rate for the first 2 years and put everything on that.

This is simply not true.

I have done some $20,000 Mortgages at 1st Mortgage rates for consumers to purchase a vehicle because their first Mortgage is with us and it is cheaper for them to pay the Mortgage fee and do a second Mortgage with a 5 year amortization then to do it as a car loan.

Just because one restructures debt does not automatically mean you are stretching it all over 25-25 years.

[Shazam]

Plop it all onto a LOC or something.

At $5K, the amount of interest accrued is pretty irrelevant at whatever interest rate.

Or just dip into my petty cash