I only have fair credit so getting a loan through a bank or another credit card with a higher limit is out of the question. All I want to do is turn my debt into one monthly payment...any suggestions?

Determine how much you can pay your creditors every month come hell or high water. Once you've determined that amount...contact all of your creditors.. offer to pay them XX on the 1st or 5th or 20th whatever of the month and set it up with your bank. MAKE EVERY PAYMENT ON TIME. Talk to each creditor as professionally as possible and ask them what you can do to keep them from reporting a negative to the credit bureau. Be honest and keep your cool...

If you are super upside down, then you may need to try to negotiate something else; however start with the above if you so choose.

A credit union also may be able to help; however until you get your score or credibility up.. you are sort of on the asking side.

I wish you well.

P.S. Please avoid lenders that cannot convey their intentions clearly and allow typos in their communication.

Serious Things to Consider When Consolidating Debt

When you're deep in debt and are looking for a fast way out, it may be tempting to act hastily and not always think things through. Here are some reasons why that's a bad idea, and it might be better to consider consolidating debt:

Most people who have amounts of debt do not need the help of a financial planner. The bottom line is you have to spend less and work at consolidating and paying off your bills. You do not always need to spend money on someone else's services to tell you stuff that you already know.

It's often easier to simply call the credit card companies and plead your case for lower interest rates and a longer payment schedule as opposed to getting a financial planner involved. There are options that you can get in many cases if you approach the company directly.

Interest rates within most debt consolidating companies are more or less the same. If you see very low rates advertised, you usually have to have sparkling credit in order to qualify. Since you are simply trying to eliminate your debt and get a fresh start, you will probably face the same interest rate no matter which company you use in the end.

Consolidating debt programs very often have multiple fees hidden within them that mount up throughout the program. No one works for free, and money management workers are no exception.

Make sure you know exactly what the cost of entering a debt consolidating program is, and whether it will be worth it in the end. Also inquire about interest charges and any other fees that might stack up during the program.
Never underestimate the consequences of declaring bankruptcy. Bankruptcy will follow you for a long time, and many people are not even aware of this. It is not simply a clean slate and a fresh start.

Just because you join a finance management program does not mean that any of you debts will be eliminated. All of your debts will remain, as well as the interest owed on them, it's just now being spread over a longer time period with slightly more flexibility in how much you pay at a time. All the basic debts still remain in place.

Try to avoid debt settlement programs if at all possible. They may seem like a decent option, but it is not necessary for them to have to get involved. They serve nothing more as a holding tank for your money while you pay the bills. Working with a debt settlement company will also affect your credit since the settlement company will hang onto your cash until the debts are resolved.

Remember that as a last resort, bankruptcy is not the end of the world. If you have been working with a debt management program, and it is done under the supervision of a professional, bankruptcy can be less painful. Clearly, this step should be saved for when there are no other available options, but it is possible to rebuild you financial life after bankruptcy.

When you are working with a professional to eliminate your debt, do not think that some will be able to negotiate lower payments than others. Creditors are used to working with these programs, and are prepared to be steadfast about their preset payment plans. There is not a lot of space for adjusting these plans, so be skeptical when someone claims they will get you noticeably lower payments.

It's not always certain whether your credit rating will benefit from working with a debt management plan. If you previously had poor credit, it's possible that taking this step will improve your situation as creditors will see that you're trying to set things right. On the other hand, people with good bill-paying track records might find that their credit rating will decrease should they decide to enter a program, and might want to look elsewhere in hopes of getting a loan.

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