Consolidating credit card debt into line of credit dating for black women
To find an accredited credit counseling agency, contact the National Foundation for Credit Counseling or the Financial Counseling Association of America.
Yet another way to consolidate your debt is by asking a friend or family member for a loan.
According to IRS rules, you may borrow a maximum of 50% of your vested balance or ,000, whichever is less, and have up to five years to repay. You do have to be sure of your job’s stability, though, because if you quit or are fired, the entire balance would be due within 60 days.
If you don’t pay it back, the debt will be taxed and a 10% penalty will be imposed.
You would be required to close the accounts and agree to not open more while the plan is in effect.If you accept, the agency takes over the management of your accounts.You send one fixed payment a month to them, and it disperses the funds to your creditors.If you were to consolidate your accounts, you could.More so, consolidation may reduce the finance fees you’re currently paying and sometimes even increase your credit rating.