How to Get Out of Debt With the Get Out of Debt Guy » credit card debt consolidation loan

Free Get Out Of Debt Calculators Online

Steve Rhode — Fri, 29 Jan 2010 20:24:36 +0000

Use these free online calculators to discover how to consolidate or pay down your debt in the shortest period of time so you can save the most amount of money.

The interactive calculations, dynamic graphs and fully customizable reports are just a few of the features that make our calculators stand out.

Our exclusive online calculators can help you get out of debt faster and help you to determine if you should consolidate your debt.

Get Out Of Debt and Debt Elimination Calculators

Credit Card Optimizer

The Credit Card Optimizer helps you determine the best distribution of your credit card debt.

Accelerated Debt Payoff

Consolidating your debt is only half of the battle. You still need a plan to get your debt paid in full. This calculator can show you how to accelerate your debt payoff.

How much do you owe?

Use this calculator as a starting point for your debt management plan.

Personal Debt Consolidation

Should you consolidate your debt? This calculator is designed to help determine if debt consolidation is right for you.

Roll-Down Your Credit Card Debt!

The Credit Card Roll-Down Calculator applies two simple principles to paying off your credit card debt.

Consolidation Loan Investment Calculator

Getting a consolidation loan can do more than payoff your debt. Use this calculator to see the results of paying off your debt and investing your payment savings.

Credit Card Pay Off

Use this calculator to see what it will take to pay off your credit card balance, and what you can change to meet your repayment goals.

Citibank Just Raised My Rate to 29.99% and I Can’t Afford That. – Jon

Steve Rhode — Fri, 25 Dec 2009 12:25:20 +0000

From How to Get Out of Debt

Jon

“Dear Steve,

I filed bankruptcy in 2003 and have allowed myself to get into credit card debt once again. This time is not nearly as bad, but it still isn’t good either. It totals nearly $20k and I received a notice from Citibank stating that they are raising my interest rates to 29.99%. There is no way I can afford that and want to take steps to finally get myself and my family out of this mess. I know we need to make changes in our spending habits and standard of living.

What can I do about my credit % rates and balances? I’ve heard about programs that help to talk down your balances and rates for you, but I also know a lot of those places hurt your credit rating. What options do I have? I want to move in the right financial direction for our future.

Jon”

The Answer:

Dear Jon,

If you can afford your minimum payments but just want to get the interest rate reduced, explore a debt management program to do that. Contact a debt management company and see what the interest rates can be slashed to.

You can also call Citibank and explain your situation and difficulties you are experiencing. They may place you on a reduced interest payment program for 6 months and may close your card.

The only option you have to lower your overall interest rate and not hurt your credit is going to be a solution like LendingClub where you can get an unsecured debt consolidation loan to payoff the debt.

Consolidating your debt may actually improve your credit since it will keep you out of a debt management program, a creditor internal program, and potentially bankruptcy. Explore LendingClub and see if that might not just be the solution you are looking for.

Big Hug!

@GetOutOfDebtGuy

P.S. Be sure to read ‘The Secret of Surviving Through Difficult Economic Times. What I Learned On My Journey‘.

I Just Invested in 33 Loans to Help People to Get Out of Debt

Steve Rhode — Mon, 17 Aug 2009 21:34:21 +0000

From How to Get Out of Debt

Lately I’ve been very impressed with LendingClub.com and the peer-to-peer model that they have developed to let individual investors participate in some small way in making loans to other people that need to borrow money. The LendingClub business model allows both borrowers and lenders to skip the banks completely and lend to each other.

From the advertising revenue from this site and with cash from my pocket I just invested in 33 loans to help people to get out of debt. Most of these loans were to consolidate debt or some other purchase or task around the house.

Matt Jabs, a blogger friend of mine was recently a borrower. I asked him to share his experience about what it was like for him from the borrower side.

Over the course of the last 7 months borrowing and debt have become cuss words in the Jabs household… not to mention consolidation loans! The idea that I would ever borrow again seemed an unthinkable concept that caused a spike my blood pressure by simply considering! Then I stumbled upon LendingClub.com.

If you follow my writing on Debt Free Adventure or Five Cent Nickel then you should be painfully familiar with my opinion of paying interest to big banks! When I read that LendingClub was “social lending” from person to person my interest was piqued and the entrepreneur in me perked up instantly. What a concept! Borrow money from other individuals at a lower rate, pay off my big bank loans, and pay my interest to other individuals as opposed to the bloated and corrupt bankers I have learned to abhor. I was sold!

I signed up with LendingClub, completed their quick & easy loan application process and had my $11,000 loan funded in less than 2 days! It was a win/win/win for me. I lowered my rates, consolidated my debt to one payment, and began paying interests to “people” rather than “bankers”. You can see my story broken down into more detail by visiting my “My Review of Social Lending Through Lending Club”.

Lastly, this format worked for me but be sure to consider all variables before choosing your own path since everyone’s situation is different. Do your research, then do what works for you. For me borrowing through LendingClub was a winner hands down!

If you are looking for a place to invest your money for a far greater return that you can get from just letting it sit in a standard savings account, consider investing some, not all, with LendingClub. And if you are looking for some resource from which you can borrow some money to consolidate your debt, take a look at LendingClub.com and see if you don’t agree it is an offer worth pursuing.

@GetOutOfDebtGuy

Nobody Will Give Me a Debt Consolidation Loan to Pay Off My Debts. – Scott

Steve Rhode — Fri, 31 Jul 2009 15:27:44 +0000

From How to Get Out of Debt

Scott

“Dear Steve,

I make good income (130,000.00/yr) but have three kids and several credit cards from before my pay went up. we have approx 40,000 in debt and the payment are starting to get more difficult. We are still making all of our payments

How can I consulidate all this debt to one payment and pay off quicker?

Scott”

The Answer:

Dear Scott,

If you have a credit score above 640 then you might want to check out LendingClub.com for a debt consolidation loan. This is a peer-to-peer lending network. People all over will pitch in and each fund a small amount of your total loan request, thus spreading the risk over a large group of people.

Once the loan is funded then the money will be wired into you bank account for you to pay off your debts. This will give you one monthly loan with a lower payment.

I happen to be one of the lenders on LendingClub, who knows, maybe I’ll be part of the group of lenders to get a chance to help you get out of debt.

Big Hug!

@GetOutOfDebtGuy

How to Get Out of Debt With the Get Out of Debt Guy » credit card debt consolidation loan

Free Get Out Of Debt Calculators Online

Get Out Of Debt and Debt Elimination Calculators

Other Related Articles to Read

Citibank Just Raised My Rate to 29.99% and I Can’t Afford That. – Jon

The Answer:

Other Related Articles to Read

I Just Invested in 33 Loans to Help People to Get Out of Debt

Other Related Articles to Read

Nobody Will Give Me a Debt Consolidation Loan to Pay Off My Debts. – Scott

The Answer:

Other Related Articles to Read