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Just got a job at Deloitte M&A in Atlanta and am currently looking to buy a house. Would you advise I buy closer to Atlanta or the suburbs? I personally want to be in the suburbs but I hear the traffic situation is quite bad. Current consultants in Atlanta, how much time do you actually spend in the office vs remote vs client site? Would you advise I try and stay closer to the office?
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I think it depends on what your situation is exactly but I highly recommend getting a second job and using that income strictly for debt repayment. You'll likely need to put yourself on a VERY strict budget while you're paying things off. If you're not yet with third party collections, I recommend calling your creditors directly and asking for a payment plan for your arrears. If you have some debts that are with third party collections, then tackle the ones that ARE NOT first. Third party collectors will often tell you that your Credit Bureaus can be amended if you pay them, but this is 100% untrue (I speak from experience). If all of your debts have made it to third party collections, then call them to request a settlement starting with the one you owe the least to. This will make it easier to manage of course and by tackling the smallest debt first, it will report to your Credit Bureaus as paid/settled sooner. Leave the largest owed sum for last. Unfortunately, your credit will likely be affected for a minimum of 7 years if any of your debts make it to third party collections. If this is the case, keep track of time and DO NOT apply for any kind of credit for those 7 years. Instead, get a secured credit card which will help build credit during that time.
Alternatively, you can also file for a Consumer Proposal, but you'll not be able to get any kind of settlement on any of your debts and you'll still be affected for the same 7 years. The trustee/credit counsellor is essentially doing all of the above on your behalf and charging you for the service so in the end you'll be out even more money because you'llpay them a monthly fee. The one good thing about this is that you will make the same monthly payment for the duration of your consumer proposal. The duration of your CP will depend on how much your monthly payment is and will count towards the 7 years. They will go through your finances with a fine tooth comb and will determine your payment amount based on your expenses.
This is very good advice. I would also add, if you're using a financial institution outside of a charter bank, make sure to read the fine print. There are some debt consolidation companies that base your interest rate off your credit score and hide it in the contract that you authorize them to pull your credit report periodically. This lowers your credit score, thus increasing the interest rate for their benefit.
Best of luck! With some sacrifices and a little time, you can absolutely get out of this!
I think you'd be better off trying to get one low-interest loan to pay everything off vs. working with a debt service. Most of those services will only include your CC bills, not your student loans, so it probably wouldn't be worth it.
you could go to your main bank that you bank at start a debt consolidation application. Same process as a loan go through check, some questions etc, proof of document might be needed.
Firstly, look what credit you have. The better your credit, the best option you will have to get a better rate when refinancing your debt. If you miss a payment, that can hurt your credit.
If he has debt collectors calling him it means he’s missed the minimum payments required not to trigger them. Thus, his credit will be low and poor.
Go to local bank, check with them for debt consolidation. Sometimes student loans are very low interest rate, so check if bank is giving lower interest or should you leave student loans out of debt consolidation.
Best wishes in your journey for financial independence.
maybe work with a credit counseling agency to get a DMP (debt management plan)? They'll work with your creditors to negotiate reduced interest rates, waive fees, and create a repayment plan