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yooperpolock

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have bout 30000 in credit card debt...looking to try and consolidate
want to try to avoid bankruptcy..looking for place to try to consolidate these cards...on time with all pymnts..ck score 703

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If you are sure your income situation is going to improve in the near future you might be able to lower your payments temporarily but two things to watch out for:

It is not unusual for a debt consolidator to obtain a commission of 10% or more on your new loan. It is possible also that the consolidator will be able to obtain a rebate from your lenders when the new loan is applied to pay off those debts, resulting in an even greater commission. The chance for significant, easy profits can inspire unethical debt consolidators to encourage people to obtain consolidation loans which are not in their best financial interest.

In many cases, those seeking debt consolidation are exploring that option because they are already experiencing difficulty making their payments. If so, the chances are that they will not qualify for a low interest rate. If they obtain a higher interest consolidation loan, any reduction in their monthly payments will likely result from the fact that the bulk of each payment is for interest, with little going to the principal balance of the loan. As a result, although their monthly payment is reduced, they will make very slow progress toward paying off the loan, and they will likely pay a lot more interest over the life of the loan.

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