If you are having problems managing your credit card bills and your accounts have been handed over to a collection agency, you can try consolidating your debts. Consolidating credit card helps you to pay off your debts more easily because all the debts are consolidated into a single debt and lowers the interest rate on your debt.
Ways to consolidate credit card debt
There are various ways that you can consolidate your credit card debt. They are as follows:
- Get a home equity loan – You can take out a low interest home equity loan and try to pay off your credit card bills. This loan is taken against the equity that has built up on your home. The interest rate on HELOC is generally low, which will make it easier to pay down the loan.
- Get a personal loan – You can try to get a personal loan from your bank to pay off your credit card bills. However, personal loans generally charge high interest rates. So, you need to have a really good credit score to qualify for a personal loan with a comparatively low interest rate.
- Do a balance transfer – You can transfer the balances from all your high interest credit cards to one with a low interest rate. Thus, all your bills are consolidated into a single obligation. If you don't have a low interest credit card but you have good credit score, you can transfer the balances from all your cards into a new card that offers a 0% interest rate. However, you should try to pay off the debt within this 0% offer period. The offer period generally lasts for 6 months to one year, depending on the credit card company. Most companies also charge a balance transfer fee for each account you transfer. So be careful when doing a balance transfer or you might end up in more debt.
- Enroll in debt consolidation program – If you can't consolidate your credit card bills on your own, you can get help from a credit or debt management company. The agency will first analyze your financial situation and then enroll you into a debt consolidation program, if needed. During the debt consolidation program the counselor negotiates with your creditors to lower your monthly payments by reducing or eliminating your interest and late fees.
Advantages of credit card debt consolidation
There are many advantages to credit card debt consolidation. They are:
- Several debts are consolidated into one – When you have several debts, it becomes really complicated, as you are required to make several payments each month. However, when all your debts are consolidated into one, you are required to make a single monthly payment toward that single debt.
- Interest rate lowered – With debt consolidation, the interest rate is lowered and therefore it becomes much easier for you to make the regular monthly payments. You are relieved from the stress of making high monthly payments.
- Credit is not hurt – Unlike debt settlement, with debt consolidation, you repay the entire amount of your debt, instead of part of it. Therefore, your credit is not hurt.
Disadvantages of credit consolidation
Credit card consolidation helps you to pay off your credit cards bills easily enough. However, there are some disadvantages to it:
- Risk to your asset – If you take out secured loans there is a risk of losing your assets. If you fail to pay back the debt, your assets may be seized. For example, if you get a HELOC to pay off your credit card bills and then you fail to pay back the debt, your home may get foreclosed on.
- Accumulate more debt – You can end up accumulating more debt through debt consolidation because you take out new loan to pay off your credit card bills. Also, if you do a balance transfer, theinterest rate on the new credit card can increase, thereby increasing your outstanding debt amount.
- You can end up paying more in interest – If you make low monthly payments while in a consolidation program, you end up paying more toward the interest, as you are taking a longer time to pay off your debt.
- Scam credit consolidation companies – The credit consolidation company you are trusting to help you get out of debt could be running a scam. Thus, it is important to check the authenticity of the company.
However, there are various other ways that you can try managing your credit card debt, like debt settlement, negotiating repayment plans, etc. For more details refer http://www.creditmagic.org/card/debt-management.html .
WFNNB credit cards: Over 85 co-brand cards
what cards are under WFNNB ? Is there a list ? I did a couple of searches and only found out that they have at least 85 companies, but no list of the companies? Any help will be appreciated.
I have outstanding debts on 3 credit cards which I would like to repay now. This is because I want to improve my credit score. Can anyone tell me the way to manage my credit card debts through credit card consolidation?
I know from experience that they can include Lane Bryant, Brylane Homes, Abercrombie & Fitch, The Limited, New York & Company, Victoria Secret Angel, The Avenue Preferred, Dress Barn -- basically 90 % of retail stores within your local mall....
help
how do you get these people to stop the harassing phone calls? we have no open debts that are late
Send them a cease and desist letter. If you do not get any response report them to the Attorney's office. Generally this works.
I have an open account I send payments to for wfnnb. It is for my Peebles credit card account. I opened it a few months ago and when the first bill came it threw me a little because I didn't know why I would be getting something from a company like this..until I seen it was my peebles account.
Gap Card??
Do they have the Gap as a customer? If not, I have no idea why they would be calling me..
consolidate credit cards
I AM LOOKING FOR WAYS TO BUILD MY CREDIT CAN YOU HELP ME
Hi Keith
Any person without a credit history needs to build credit. This is because without a credit history you cannot borrow money from a creditor. To build a credit history, you need to approach your bank for a secured credit card. For this you need to deposit certain amount with the bank and you get the credit limit equivalent to the amount deposited. Now, you need to start building a credit history. For this you make small retail purchases and utility payments with your credit card and make sure you repay the credit card company on time. Moreover make sure that you do not utilize more than 30% of your credit limit. If you continue this for a few years, you can definitely make a new credit history.
Yes, Scott is right but I would like to add a few more points. Once you build a good credit history, you would be offered with a large number of credit card and loan offers because they realize that you are a good borrower. Never try to take each and every offer as if you fail to repay them in time, your credit report will have negative listing for at least seven years and your credit score will fall. So Once you build a good credit history always try to monitor it regularly.
to scott
Hey Scott...PLEASE go to financeglobe.com THIS will GREATLY help all of you who need credit or want different cards..please check the reviews they are incredible. NO matter what your score there is a card for all and how well the cards do and how to get increases EASLILY and more..again PLEASE check this site out,you will be glad you did.
thank you for the lead guest, will you consider registering and participating further in our discussions??
Hi guest
I went through the site and found the site to be a promotional one. The credit card review section of the site is good but the site also offers credit card services to the customers which indicate that it is just a promotional site. I think we should not fall in trap of such sites and concentrate on building a good credit history with our existing credit cards. If we apply for a new card, firstly we need to pay its annual fees and secondly there will be a credit inquiry which will lower our credit score.
need to locate the web site to sign on the wfnnb to check
I have looked almost everywhere trying to find the site to enter my profile and other info for MY WORLD credit card through wffnb credit cards (world financial network national bank)and have had no success. I hope this is not the way they always do business
Generally they are not a bad company. Have you tried calling them?
Taking a proactive approach and calling may help you resolve the problem.
Proactive approaches usually always gets results.
how can i get the phone # for wfnnb
Hi guest
If you want to call wfnnb, you can call them up at the following number 1-800-224-3114
They are usually really decent to deal with and I hope you have luck with them.
any updates, how did things work out for you?
credit
Can anyone tell me their experiences with this (WFNNB). Good/bad. What kind of cards? do they check your credit for this?
I have excellent experiences with them. I have a Peebles card through them. I barely use it but they gave me a pretty good interest rate as opposed to other store cards. Mine there is 14.9%. Alot better than the 29.9% of most cards. They are a little pricey but I never shop unless there is a sale or a really really good coupon. I use to work next door so we all did favors in the past swapping employee discounts. (quit shaking your head! I know its wrong..) I still get themas long as the main manager is working.
credit
I was looking at that Finanaceglobe (dot) com. About half of the Cc's, they have, for 'poor' credit aren't available. Gosh....and they are 'store credit' CC's, too.
It is tough when you don't have good credit, I would try the retail stores, I recently got one from fashion bug, I use it a little, pay a little above the minimum payment. Helps estalish a payment history.
SD It as I mentioned in my ;ast post may not be a good time to go looking for credit cards. Alot of comapnies are cutting back on the amount of cards they are issuing due to the rising delinquencies on credit card debt. More and more people are using their cards to get by but find it is getting next to impossible to keep up wiht the payments. Do you know that PA's credit card deliquency rate has doubled in just the past year. This isn't all the debtors fault as you knw..we have alot coming into play that is causing this domino effect.
cc
Well...........that's true, FIREYONE. I do see your point. I sure don't want to get into MORE of a 'credit mess' than I'm already in. I mean, even though I want to try and better my score, it would be just another payment to go out of my pocket. Thanks for the advice.
I know. I started a whole new credit mess myself. I didn;t want to and I am not behind on payments but it is making the pocket book really tight when the Holidays start coming up on paychecks and they aren't as much. That dang accident left me with so many medical bills that I have to pay on since I exhausted my own auto and the only way I can get reimbursment is to wait until they lawsuit is settled. Its been almost a year and a half now and I am tired of struggling already.
hi
is WFNNB only for americans ?? and how to get it ??
credit
That's a good question. I don't know if it is or not......I would ASSUME so. However........I'm sure one of the experts, from this site, will give you the answer. What country do you live in? Do you live in the US, but, NOT a citizen?
This would depend on a number of factors. do you live in the United States? Does any of the credit card companies have businesss in your area? Mostly some companies are only in a certain area so you may want to do a little research and see if there is one in yours. If there is you may be able to apply fdor a line of credit at their web-site and even shop online. Let us know what you find out.
Medical loan
I need to have an hysterectomy and the facility is asking for the 20% co-insurance at front and I don't have the money. I have been applying for loans and the amount approved is very low. I don't have bad credit but I have a lot of students loans and a home and 2 vehicles on my name so I was told that my ratio is high for my income, any information or recomendation on Loans for medical procedure. Thank you
You can get in touch with the Department of Insurance and check it out with your state guidelines.
Now, if your husband has a good score, you can try to get the loan in his name or try to get some cash advance from your employer or your friends. If you have a credit card, make cash advance from your card and pay for your insurance.
Debt Solutions, Inc
Last August I start up with this dept solution program. My business was slow and i didn't have the money for the debt that I had. They told me thier spill on thier business and i tell you it's the worst thing that i have ever done I pay them in the amount of a auto loan each month yet no cards have been paid off yet and bill collectors are calling every hour on the hour if i pick up they call me all kindes of name and that thier going to sue me ect. and on top of that my credit went from720 to 300. I dont know what to do. financialy I have hit rockbottom.
Hi Cathy,
It is always better to repair your credit history on your own, rather than pay a debt settlement agency, to settle your debts. It only requires awareness and patience, but saves a lot of bucks. You can tell Debt Solutions, Inc that you are no longer interested in their services. Here are few tips to follow so that your credit score gradually increases:
1) Pull out your credit report and mark the points that are adversely affecting your score.
2)Contact each creditor and explain your situation to them. You can request for a payment structure that is affordable. It is sometimes possible to reduce the actual debt amount by 40-60%.
3)Keep your credit card utilization ratio below 50%, even if you are paying on time.
4)Do not apply for new line of credit. Instead, you can close some of the newer credit accounts.
Payment
Iwant to make a payment to dress barn
is peebles a installment or revolving accont?
anyone know and does it report to all 3 bureas
Hi wayne,
As far as I know, Peebles is a financial organization that issues credit cards. All credit card accounts are revolving accounts.
laptops
Im trying to ourchase a laptop and need to know which company using wiorld finance bank for credit
computers
can someone direct to to a company that uses world financial bank for their credit resource. I trying to purchase a computer on credit.
I do not know of any personally. Maybe you can call some of the computer places like Dell, Gateway or even Staples and ask them. Have you tried to get credit through another company like one fo the ones listed? Dell carries different credit card rates depending on your score. Staples charges a flat rate of 27.99%, which I think is very high. One of the cheapest is Discover, they have a decent rate, depending on your credit score.
Contacting WFNNB
I want to thank Peter for the 1-800-224-3114 dial 0 twice information. I pulled my credit report and found that I had an open Eddie Bauer account which I thought had been closed many years ago. When I dialed the number I just keep putting in 1234...until I got a service rep for Goodie's (?) and explained my problem. He was able to cancel my account and send a confirmation letter. Thank you so much for your site.
Guest,
was the account in good standing, if so, then you may have done more harm than good. Keeping accounts that are in good standing open increasing your credit worthiness and by doing that you increase or maintain your credit score.
You should check your score and see if closing this account has had any affect on your score.
Lowering your house payments
i just called my home mortgage company (citi) and i asked about the Obama mortgage assistance program. My payment went from 1033.00 to 849.00 (with a 3.38%rate) and it stays there for 5 yrs. The rate goes up 1 percent per year til it reaches your current rate. EVERYONE NEEDS TO LOOK INTO THIS.. O BTW i was 3 months behind on my House payments also (3000.00) and it cleared them off and i start paying the new rate on October 1, 2009. But when you call your mortgage company be ready for a bunch of questions with bills. they need to know how much for everything(food, gas, electric, credit card debt and medical bills) SO BE READY. GOOD LUCK
WFNNB
Hi,
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credit score
How many points does it lower your credit score to close a credit card you have had for quite some time? and on average, how long does it take to build those points back up? I want to ditch my WFNNB account because they have been harassing me over being $5 short (for the first time ever) on my bill. Not only that they were harassing me to pay the balance before it was actually due.
Renew my creduit card
I had a credit card with Wamu befopre I think it was this company I had it with. I paid it off I think late 07 or 08.
I had excellent credit with them. Now I can know longer find my credit can.
I know it was with WFNNB when the banks crashed.
Can you help me?
God Bless
Evelyn F. Stewart
412 Cooper Street
Mtn. Home AR. 72653
Renew my credit card please.
I had a credit card with Wamu befopre I think it was this company I had it with. I paid it off I think late 07 or 08.
I had excellent credit with them. Now I can know longer find my credit can.
I know it was with WFNNB when the banks crashed.
Can you help me?
God Bless
Evelyn F. Stewart
412 Cooper Street
Mtn. Home AR. 72653
870-425-2271
WFNNB Cards
If you have multiple accounts with WFNNB, any associate at the bank can get you routed to appropriate department to discuss repayment options. You should have a phone number for customer service on your statement. If you have not been receiving one physically, there may be a wrong address on file-going into a store and presenting a photo ID may be the easiest way to update your info and start getting info by mail (make sure WFNNB is getting the updated info, not just the client store's marketing department, with whom the credit account is issued). Unfortunately, I cannot provide my direct contact number at the bank, but I hope this helps. I wish you all the best, Michael
MYCARDCARE.COM/STAGESTORES
Just received my monthly statement and am trying to consent to
receiving paperless statements. My computer says that it can not
find MYCARDCARE.COM/STAGESTORES. Help me out here so that I
can be in compliance with your wishes! Thank you.
MYCARDCARE.COM/STAGESTORES
Just received my monthly statement and am trying to consent to
receiving paperless statements. My computer says that it can not
find MYCARDCARE.COM/STAGESTORES. Help me out here so that I
can be in compliance with your wishes! Thank you. My address is
jamesandcanarabristol@embarqmail.com.