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Financial situation, please give input.
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Posted by Greg
(68.69.167.115) on March 23, 2003 at 20:39:14:
I was recently contacted by an institution that offered to help my financial situation. I currently have unsecured debt on several high interest specialty cards as I call them (Best Buy, Firestone, etc.) I also have ~20 years remaining on a mortgage. The company offered to institute a loan that would combine the high interest CC debt, as well as other secured and unsecured debt AND the mortgage into a 15 year loan @ 8% interest. My current interest rate on my mortgage is 5.9% through my credit union. The payment I would be making to this company would be ~$600 more than my mortgage payment, but would have all unsecured debt and a home equity loan included. Now to my concern. I believe the reason I am being contacted in the first place is because my debt to income ratio was slightly unblanced until about a year ago when my wife received a significant promotion and raise to accompany it. Since then, the balances have been decreasing, but not as fast as I would hope. I am under the impression that this is a scavenger company of sorts, as the lady I am dealing with was initially told no by my wife, but was insistent on calling back in several months to "see how we were managing." She was very sure that this would be the right thing for us to do and seems to make it sound very nice, but I have my doubts. Needless to say, she recently called and is very pushy about the whole thing in my opinion. My main concern is that I may have the majority of the unsecured debt paid off in a few years, plus I will still be saddled with a low mortgage payment. On the flip side, I may eliminate that debt now through the company offering to consolidate it, but as situations necessitate, I may be forced to use a CC and then have a monthly CC payment on top of the higher mortgage/debt payment. Please give me some feedback on this and I will clarify as needed. Thank You
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