Thank you all for the warm welcome back!
I wanted to describe my debt consolidation. Over the summer, I was so overwhelmed by my credit card debt, and did not have an avenue to consolidate it myself (personal loan, HELOC, etc). I had been getting lots and lots of mail from companies offering to consolidate and had spoken to one or two of them, and finally decided to give it a shot.
I went with JG Wentworth, as they had strong name recognition, and felt that the weren't pushy with me (some of the other companies very much were). Basically, they took 12 (no, that isn't a typo, yikes) credit card accounts, and consolidated them into one balance and presented me with a plan to pay them off in 3 years. It's certainly work I can do on my own, but the structure and streamlined nature are definitely making it easier to stick to.
The total balance of accounts originally placed with them was around $35k. I pay $700 a month, and then they prioritize paying off accounts. My updated balance is currently around $31k, and two accounts have been paid off. I expect that one or two more will be paid off within the next few weeks. Ten to go!
It's not the most ideal way to handle the situation, but it's where I ended up. My credit score has taken a massive hit, but I expect it to rebound within the next year. Thankfully, I don't need to be approved for anything big before then. I'd like to refinance my mortgage sometime in 2022, but we will see where everything lands in between now and then.
December 17th, 2020 at 07:58 pm 1608235135
Just curious, and perhaps a bit nosey.
December 18th, 2020 at 02:56 pm 1608303374
December 18th, 2020 at 08:53 pm 1608324826