Consolidation loans...

[Phoebe]

I got a debt consolidation loan through my credit union to help pay off credit card debt accrued during graduate school. Once I had a full-time job, I qualified for the loan which enabled me to have a lower interest rate and only one monthly payment. With that, I cut up all my old credit cards and worked with one that had a lower interest rate.



I did this before, we got married. Of course, my husband was smart enough to not rack of lots of credit card debt! I am still paying on it over a three year span.



It didn't impact our house because it was bought before we were married and Ron bought the house in only his name because I was paying student loans while his were in deferment.



Debt consolidation loans or credit counseling companies can help you get lower interest rates to make it easier to pay off debts. I am not sure how to do that with a mortgage though.



Hope this helps. Jennifer

[Phoebe]

I got a debt consolidation loan through my credit union to help pay off credit card debt accrued during graduate school. Once I had a full-time job, I qualified for the loan which enabled me to have a lower interest rate and only one monthly payment. With that, I cut up all my old credit cards and worked with one that had a lower interest rate.



I did this before, we got married. Of course, my husband was smart enough to not rack of lots of credit card debt! I am still paying on it over a three year span.



It didn't impact our house because it was bought before we were married and Ron bought the house in only his name because I was paying student loans while his were in deferment.



Debt consolidation loans or credit counseling companies can help you get lower interest rates to make it easier to pay off debts. I am not sure how to do that with a mortgage though.



Hope this helps. Jennifer

[Phoebe]

I got a debt consolidation loan through my credit union to help pay off credit card debt accrued during graduate school. Once I had a full-time job, I qualified for the loan which enabled me to have a lower interest rate and only one monthly payment. With that, I cut up all my old credit cards and worked with one that had a lower interest rate.



I did this before, we got married. Of course, my husband was smart enough to not rack of lots of credit card debt! I am still paying on it over a three year span.



It didn't impact our house because it was bought before we were married and Ron bought the house in only his name because I was paying student loans while his were in deferment.



Debt consolidation loans or credit counseling companies can help you get lower interest rates to make it easier to pay off debts. I am not sure how to do that with a mortgage though.



Hope this helps. Jennifer

Yes, Jason, a floating rate means it goes up and down with prime. Generally, if you lock a rate in for a given term (say three years), the rate would be higher. So there is a risk, but the rates are lower right now because of the economy slow down. Canadian rates always follow US rates, as our economies are so intricately linked.



I'm not sure if floating rate credit lines are available, but you can see. The thing I like about credit lines is that there are no set monthly payments, except you are usually required to pay the interest as a minimum. With us, the interest comes out at the beginning of the month, and then we put as much down on the principle at the end of the month as we can manage. If a month is bad for expenses (say your car needs major work), you can skip the principle payment for a month. If you see the light at the end of the tunnel (like Kris can), this might be a good option.



Hope this helps...

Janet

Yes, Jason, a floating rate means it goes up and down with prime. Generally, if you lock a rate in for a given term (say three years), the rate would be higher. So there is a risk, but the rates are lower right now because of the economy slow down. Canadian rates always follow US rates, as our economies are so intricately linked.



I'm not sure if floating rate credit lines are available, but you can see. The thing I like about credit lines is that there are no set monthly payments, except you are usually required to pay the interest as a minimum. With us, the interest comes out at the beginning of the month, and then we put as much down on the principle at the end of the month as we can manage. If a month is bad for expenses (say your car needs major work), you can skip the principle payment for a month. If you see the light at the end of the tunnel (like Kris can), this might be a good option.



Hope this helps...

Janet

Yes, Jason, a floating rate means it goes up and down with prime. Generally, if you lock a rate in for a given term (say three years), the rate would be higher. So there is a risk, but the rates are lower right now because of the economy slow down. Canadian rates always follow US rates, as our economies are so intricately linked.



I'm not sure if floating rate credit lines are available, but you can see. The thing I like about credit lines is that there are no set monthly payments, except you are usually required to pay the interest as a minimum. With us, the interest comes out at the beginning of the month, and then we put as much down on the principle at the end of the month as we can manage. If a month is bad for expenses (say your car needs major work), you can skip the principle payment for a month. If you see the light at the end of the tunnel (like Kris can), this might be a good option.



Hope this helps...

Janet

Daniel and i employ a line of credit as well--to pay off some of his credit card debts incurred during medical school--Much better i think then a credit card--and I agree that the flexibility to pay what you wish over and above the interest is another benefit

Daniel and i employ a line of credit as well--to pay off some of his credit card debts incurred during medical school--Much better i think then a credit card--and I agree that the flexibility to pay what you wish over and above the interest is another benefit

Daniel and i employ a line of credit as well--to pay off some of his credit card debts incurred during medical school--Much better i think then a credit card--and I agree that the flexibility to pay what you wish over and above the interest is another benefit

Ah budgets--such fun

Ah budgets--such fun

Ah budgets--such fun

[DCJenn]

I contacted our bank about a consolidation loan (Rick financed those med school visits plus his ex-girlfriend got herself a gym membership, some furniture, a lot of clothes...while he was at Officer Basic Course before med school started. A charming girl)

Anyway, the interest rate at the time was still pretty high, about 13%. Of course interest rates have dropped significantly since last summer, and are expected to again next month. (yay!) Our credit cards were right at that interest rate pretty much anyway, so it wouldn't have made that much of a difference. After we get through this home buying process, I'll check in to it again. (come on March 21)

I've basically been sending the highest interest cards the most money and have managed to pay off my car and three cards since we've been married. Of course, trying to keep him on a budget has been an interesting experience for us both. We're definitely operating on the "if we don't have cash, we don't get it" standard these days. I can't imagine what life must be like for you all who have to pay those huge school loans. My sympathies.

[DCJenn]

I contacted our bank about a consolidation loan (Rick financed those med school visits plus his ex-girlfriend got herself a gym membership, some furniture, a lot of clothes...while he was at Officer Basic Course before med school started. A charming girl)

Anyway, the interest rate at the time was still pretty high, about 13%. Of course interest rates have dropped significantly since last summer, and are expected to again next month. (yay!) Our credit cards were right at that interest rate pretty much anyway, so it wouldn't have made that much of a difference. After we get through this home buying process, I'll check in to it again. (come on March 21)

I've basically been sending the highest interest cards the most money and have managed to pay off my car and three cards since we've been married. Of course, trying to keep him on a budget has been an interesting experience for us both. We're definitely operating on the "if we don't have cash, we don't get it" standard these days. I can't imagine what life must be like for you all who have to pay those huge school loans. My sympathies.

[DCJenn]

I contacted our bank about a consolidation loan (Rick financed those med school visits plus his ex-girlfriend got herself a gym membership, some furniture, a lot of clothes...while he was at Officer Basic Course before med school started. A charming girl)

Anyway, the interest rate at the time was still pretty high, about 13%. Of course interest rates have dropped significantly since last summer, and are expected to again next month. (yay!) Our credit cards were right at that interest rate pretty much anyway, so it wouldn't have made that much of a difference. After we get through this home buying process, I'll check in to it again. (come on March 21)

I've basically been sending the highest interest cards the most money and have managed to pay off my car and three cards since we've been married. Of course, trying to keep him on a budget has been an interesting experience for us both. We're definitely operating on the "if we don't have cash, we don't get it" standard these days. I can't imagine what life must be like for you all who have to pay those huge school loans. My sympathies.