$3K-$125K+ Credit Card (Visa, MC, Amex) Consolidation Loans in NY, PA, NJ

Introduction to Credit Card Consolidation Loans for NY, NJ, PA

Today is our first lending discussion this fall and it’s based on applicants who are applying for loans so that they can clean up their credit card debts. We don’t have much information on borrowers who have got themselves into a difficult situation because of all the accumulated credit card debt they have, so here we go.

In this particular situation we have three borrowers, in three different areas – we are running off to Newark NJ, White Plains NY, and Philadelphia PA. All of these applicants have one thing in common, and that is runaway credit card debt from various sources. Some of these debts are with your typical Visa cards, MasterCard’s, and American Express cards. However, we have also included two extra CC credit lines for gas station cards and department store credit cards. So basically, we have five different sources of CC debt in the mix.

Before we start this new series, we want to point out that we can get our visitors a CC consolidation anywhere from $3K – $125K+. Just use the slider near the top of this page to choose the amount you need to consolidate.

Our first consolidation loan will be taking place in New Jersey, the second location is in New York State, and the third borrower location is in Pennsylvania (as mentioned above). Two of these loans came to a total of $50,000 to be paid back in installments over time, and one of these loans was for a total of $33,000. We have hundreds of examples on our site from applicants who have much more credit card debt than this, and we will be getting to those a little bit later over the next few months (and years).

We are going to try and stay neutral in this conversation, so we won’t be lecturing about budgets, income, and basic spending lifestyles – we want to focus on the hard facts in regards to these applicants, their financial situation, their total debt, and the different credit cards they have ongoing. We find that we are not helping anybody when we appear to be on a high horse pointing out how they have messed up their finances so bad.

In reality, many of our writers and contributors had bad credit scores in their past because of credit card debt. This is the most common form of personal debt in the United States of America, and to be scolding people for accumulating debt is counterproductive. After all, we are here to try and help people get their credit card debts behind them, and get their finances under control.

As mentioned in our last post entitled, “A Summer of Loans“, we mentioned that we will be using a slightly different format for our work this fall. We will be getting away from the pre-application tables produced using applicant data and lender data, but we will still be presenting similar information – only the table format will be gone. We will simply be using bullet points to show all of the data in each pre-application form that was submitted in an attempt to consolidate all five forms of CC debt.

Note however, there are of course many different credit cards in the consumer market besides the five we have chosen for these entries, and perhaps we will include them later, but for now we were going to stick to the most common five (Visa, MasterCard, American Express, gas station cards, and department store cards).

Newark NJ – Credit Card Debt of $15000 Consolidated

CC Consolidation in Newark, NJ – The Debt Being $15K

So our first applicant lives not far from Newark and he has himself in a bit of a pickle with three different credit cards sources that have begun to loom of of control. The debt that he is carrying total is not really that extreme when you compare it with most United States consumers, but with his level of income it’s becoming a problem.

By the time he pays for all of his monthly expenses, including rent, transportation, food, and utilities, he doesn’t really have enough money left over each month to pay down his credit card balances in a substantial way. This is always the problem when it comes to high credit card debt – the consumer ends up getting themselves in the situation where they can’t really pay down much each month because of their of their monthly bills and expenses. As a matter of fact, when this fine balance between monthly income and monthly debt is exacerbated to the point where there is no wiggle room left for emergency costs, it can be a snowball effect of high interest debt.

It’s important that each of us in our own way take personal responsibility for watching our credit card balances each month, but the reality of life always seems to get in the way. I suppose that’s why it is so important to include a percentage of monthly expenditures based on the unexpected. But before we get off the rails and down into budgeting, let’s continue with this applicant’s financial situation.

Danny’s Total Credit Card Balances from Visa, MC, and Amex

Danny has a total credit card debt level that is $14,795, and today we are using exact dollar figures for all of these pre-application submissions. Included in this almost $15,000 in debt, we have an accumulated visa card balance of $2384, a MasterCard balance of $5869, and in American Express credit card balance of $6542. All of these debts were accumulated in the last 2 1/2 years since Danny was temporarily unemployed from his job as an auto mechanic working with a Jeep Dodge dealership over in Jersey City, NJ.

Every day he drives across the Pulaski Skyway by himself listening to music on his way to work, he can’t stop thinking about all of this debt that he has on all of his cards. Just recently, he had to get his car fixed which cost him over $1500 for bodywork and ball joint replacements, and this really set him back and all of these costs were put onto his American Express card. This set him back months as far as paying back all of his debts. He now realizes that he is going to have to consolidate all of these cards into one loan for a lower amount.

So the smart move that Danny made was talking to his friends and relatives about his financial situation, because he was humble enough to admit that he has made some mistakes with overspending in the past.

This is a good first step  – when you talk about your finances and come to terms with all of your credit card balances. Danny also went and got his credit checked to see what his FICO score was, and he had a score of 530. You can see this number presented in the list below on the pre-application form he filled out. This is all good stuff, because awareness and fact checking is critical when you are on your way to getting your debts under control.

Currently, Danny has his checking account at the Bank of America at a branch located at the corner of University Avenue, and Branford. He also has a savings account where his employer deposits his paychecks at the TD Bank branch located at Clinton Street and Mulberry Street. He has his Visa card with the TD bank and he has a MasterCard and American Express card on separate stand-alone accounts.

There was a time when he never checked his online balances and wasn’t even registered to do online banking, but with the advice of his sister he went and got all of these accounts and credit cards set up online. Now he can watch closely to see all of his charges going through each week, and can see ahead of time how much he is spending. This is a much better way to track your credit card balances than just waiting for the statements to come via snail mail.

So when he decided to get a consolidation loan done, he tried to get approved with the TD bank and with the Bank of America because he already has accounts with them. Unfortunately, because of his low credit score he was not approved for any kind of consolidation loan. Of course, this was discouraging for him, but he “kept on going on” and tried again with other banks in the city.

He tried to get a CC consolidation with the PNC Bank over on Mulberry Street and Raymond Boulevard intersection branch, and was declined. He tried to get a consolidation loan with the Hudson City Savings Bank over on Park Place and E. Park street, but was also turned away with no success.

He then tried to get approved for consolidation with an online lender but found out that the interest rates he would be paying wouldn’t have been all that much better than the average 18% APR he was already paying on his cards. Eventually, he found a private lender in the area who offered him an effective APR of 11.5% – this was the best deal he could get and it turned out that his monthly payments on the new loan came to $318.63.

The total loan amount on the principle was $15,000, and at the end of this loan he’s going to be paying just under $20,000 total, with total interest paid on the loan being just under $4400. That is a lot of interest to pay, but considering this is for a five-year loan, with affordable monthly payments it was well worth it for him.

Not long after Danny got his credit cards consolidated, he paid all of these creditors off, and got rid of his MasterCard and his American Express card (another smart move). He also moved in with his brother who lives in Irvington New Jersey, and is now sharing the utilities and rent with him. This has made a considerable difference in his monthly payments going out, and now he even has enough money at the end of each month to look after the odd unexpected expense. Taking the steps to lower his monthly costs and getting rid of two of his credit cards is key to his future success in getting his financial matters under control.

The private company that consolidated all of Danny’s debt also gives loans to people (who have their credit card balances out of whack) in East Orange, Maplewood, upper Roseville and Elizabeth (NJ). They provide consolidation loans for credit card debt only, so if you have other types of debt that aren’t credit cards, you have to pay off those creditors and put all those balances onto your cards before applying. They also only except consolidations when the applicants have a steady job and they have ONLY credit card balances that they owe.

Data on CCCL in Newark, NJ

• Applicant’s Visa Card Balance = $2384
• Applicant’s Mastercard Balance = $5869
• Applicant’s Amex Credit Card Balance = $6542
• Borrower’s Dept. Store Credit Card Balance(s): n/a
• Borrower’s Gas Station Credit Card Balance(s): n/a
• Total Credit Card Debt: $14795
• Finalized Approval of Loan: $15000
• Effective APR: 11.5%
• Monthly Payment: $318.63
• Total Monies Paid To Lender: $19,383.55
• Total Interest Paid: $4383.55
• Consolidation Loan Term Length: 5 years
• Credit Rating Number (FICO Number): 530
• Loan Product Nomenclature: Credit Card Consolidation Loan (CCCL)
• Applicant’s Area of Residence: Irvington
• Other Areas of Consolidator’s Service: East Orange, Maplewood, Upper Roseville
• Main City Center of Application Origin: Newark
• Applicant’s State: New Jersey
• Lender Classification: Credit Card Consolidation Provider

White Plains NY Applicant for CC Debt Consolidation

Consolidation of Cards for $33,000 in White Plains, NY

Our second applicant lives in Scarsdale New York, which is just South of White Plains down either Bronx River Parkway, or directly through Post Road. Angela is a schoolteacher who is raising three children on her own, and her monthly expenses were just too high for her to manage extra credit card debt. She has had some vehicle problems, health issues with one of her children, and moving expenses she incurred while going through a divorce over the last two years.

Unfortunately this caused her to grow a personal credit card debt over $30,000. Luckily, she has a steady job and tenure with the school she works for. Angela is a great teacher, and her bosses are very happy with her, so that, along with tenure, means she will always have a steady job, regardless of the fact that it doesn’t really pay all that much.

Angela has all of her bank accounts held with the Key Bank which is on East Post road, across the street from the Waller Avenue 3-way intersection. She has always had her bank accounts with Key Bank, and she has been very happy with their services over the years. She has her Visa card account with them.

Unfortunately though, Angela also has a MasterCard and American Express card, as well as a department store card, and a gas station card. The cumulation of all of these cards really got out of hand during the split up and divorce with her ex-husband, and she didn’t get any help from him in regards to monthly payments for child support.

She was always employed and carrying most of the burden as far as the monthly bills went when they were living together, so there is no way she would be eligible for any kind of alimony. At this stage of the game, Angela is completely on her own with no financial support from family. Kind of a tough spot to be in.

Angela has always lived in White Plains because her parents grew up there and her grandparents grew up there on both sides of the family. Her family is not wealthy by any stretch of the imagination, so she is learning life the hard way when it comes to finances. She explained that there was times when she can’t even sleep at night because she is worried about paying the bills, paying for food, clothing for children, and living in a decent neighborhood. She still manages to keep her head above water financially, but her high credit card balances have put her in a position that is just so common these days in the United States. Certainly, she is far from being alone.

Now she has to develop a strategy so that she can get rid of all of these high interest balances ranging from APR’s of 18% to 25%. This is what we will discuss here – now.

Luckily, Angela did have a cosigner for a consolidation loan from her mother (so I guess this constitutes some kind of financial help from family – I stand corrected), because she has a FICO score of just over 560. This kind of fico score – anywhere around 580, and lower, can cause a lot of grief when it comes time to get approved for a loan.

If you have been in this situation before you know full well what I’m talking about. So because of this cosigner she ended up getting a consolidation loan with Citibank and in doing so she decided to get one credit card with Citibank and got rid of all of her other cards in the process of consolidation.

Her total balance on her Visa card was $8400, her MasterCard at $13,000, her American Express card at just under $8000, her Macy’s department store card at $1400, and her Exxon gas station card at $2100.

With the consolidation of $33,000 with Citibank she paid off all of these creditors in one full swoop. Her effective APR is 13% on this loan and she has this for 10 years. Her monthly payment is around $500 which is affordable for her because she doesn’t have the credit card debts looming over her anymore.

When you look at the math on this consolidation you can see why lenders make so much money from bad credit applicants. At an APR of 13% she is paying over $20,000 in interest over the 10 years, and the total amount of money she has to pay back Citibank is $55,000. This is good business for Citibank for sure!

So she is working happily now in Scarsdale and she has managed to keep her one existing credit card balance down low under $1000 at all times. This wasn’t easy. She had to take a prudent approach to all of her monthly bills and expenditures, and she had to learn to put her foot down and say no with her children when they came with many different types of money request. This is one of the toughest things a parent has to do – say no to their children. However, in the long run, if you take a firm stance, children learn to manage their money better and realize that money doesn’t grow on trees.

Data on $33K Consolidation in White Plains, NY (5 Cards)

• Applicant’s Visa Card Balance: $8392
• Applicant’s Mastercard Balance: $12839
• Applicant’s Amex Balance: $7892
• Borrower’s Dept. Store Credit Card Balance(s): $1390
• Borrower’s Gas Station Credit Card Balance(s): $2191
• Total Credit Card Debt: $32704
• Finalized Approval of Loan: $33,000
• Effective APR: 13%
• Monthly Payment: $448.99
• Total Monies Paid To Lender: $54626.62
• Total Interest Paid: $21626.62
• Consolidation Loan Term Length: 10 years
• Credit Rating Number (FICO Number): 563
• Loan Product Nomenclature: Credit Card Consolidation Loan (CCCL)
• Applicant’s Area of Residence: Scarsdale
• Other Areas of Consolidator’s Service: Yonkers, Stamford, Norwalk, Bronx, New Rochelle, Pleasantville
• Main City Center of Application Origin: White Plains
• Applicant’s State: New York
• Lender Classification: Credit Card Consolidation Provider

Philadelphia PA Borrower for Credit Card Debt Consolidation

Credit Card Consolidation in Philadelphi, PA – The Debt

Our third and last credit card consolidation takes place in the city known as Harrisburg which is East of Philadelphia PA. Our applicant here has a total of $14,420 in total credit card debt with very different APR levels on these cards. He doesn’t have a gas station card but he does have one department store card with a balance of $3200 on. He also has American Express debt at around $1600, a MasterCard debt of $1900 and a Visa card balance just shy of 8000 bucks. Just like the other applicants above Herman has really had trouble with his credit card balances due to some bad luck, and some bad choices of his own.

Herman got involved with penny stocks and was doing trades online, and at one point he had a total debt of over $70,000. This was a very rough time for him, and luckily he got himself down to the point where he only owed proximately $10,000 in total credit card debt. This debt was spread around with these three different credit cards mostly and a little bit on his Woolworth’s card. Things could have been much much worse for Herman if he hadn’t finally quit trading online and go into damage control. But, here we are –  with him requiring some kind of consolidation to get rid of the last $15,000 worth.

Herman’s main accounts are with Wells Fargo bank in Harrisburg and his branch is at the corner of N. 3rd St. and Strawberry Street. He has had these accounts there for over five years now and doesn’t really have any major complaints about this bank. He managed to negotiate and get approved for a consolidation loan for all of his credit cards to the tune of 15 grand. His effective APR on this loan is only 10% as far as we have gathered, but that interest rate seems to be quite low when you consider his FICO score is only at 560. Usually somebody with a 540, 550, or 560 FICO score will have trouble getting approved for a consolidation loan anywhere lower than 13% effective APR. But we will go with the numbers we were told.

In the data below we have all the calculations for his consolidation, including his $8000 debt with Visa, his $2000 debt with MasterCard, his total debt of $3200 with Woolworth’s, and his smallest debt of all with MasterCard for approximately $1500. His finalized approval was the same as our first applicant if $15,000, with a total industry pay back of over $20,000.

His interest on that is $5311.74 – so we were told. Once again, you can see the cost of borrowing is still quite high, but not nearly the cost of borrowing he was facing with his credit cards. Some of his APR levels had ballooned way up into the stratosphere and he was in serious trouble of accumulating even more debt.

The other consolidation examples we have for credit card debt include an applicant in Reading, Trenton, Willington, Allentown, and Scranton Pennsylvania. We have many more in the city of Philadelphia of course, and we will get to all of these during 2013 as we document all of these different approved loans. All of these people are identical in one way – their liability has reached the point of no return and with the interest rates they’re paying on her credit cards, they have no real choice but to consolidate. The trick of course, is finding a lender that is willing to consolidate somebody with the FICO score lower than 600.

Data on CCCL in Philadelphia, PA

• Applicant’s Visa Card Balance: $7732
• Applicant’s Mastercard Balance: $1928
• Applicant’s Amex Balance: $1568
• Borrower’s Dept. Store Credit Card Balance(s): $3200
• Borrower’s Gas Station Credit Card Balance(s): n/a
• Total Credit Card Debt: $14428
• Finalized Approval of Loan: $15000
• Effective APR: 10%
• Monthly Payment: $238.49
• Total Monies Paid To Lender: $20311.74
• Total Interest Paid: $5311.74
• Consolidation Loan Term Length: 7 years
• Credit Rating Number (FICO Number): 559
• Loan Product Nomenclature: Credit Card Consolidation Loan (CCCL)
• Applicant’s Area of Residence: Harrisburg
• Other Areas of Consolidator’s Service: Reading, Allentown, Scranton, Trenton, Wilmington
• Main City Center of Application Origin: Philadelphia
• Applicant’s State: Pennsylvania
• Lender Classification: Credit Card Consolidation Provider

Conclusion of CC Consolidation in NY, NJ, PA

So this brings us to the conclusion of our first consolidation post in regards to credit cards. These 3 example from New Jersey, New York, and Pennsylvania are just scratching the surface with all of the different applicants we have had submitted for loans here on the site this last year.

2012 was a busy year for lenders and borrowers as the borrowers scrambled to get approved for a loan, and the lenders scrambled to keep up with customer demand. Credit card debt has long been a serious problem in the United States and in the Western world. As a matter of fact there is a lot of information online about the ramifications of personal credit card debt accumulation and the effects it is having on communities all across the country.

It’s interesting to note, that the Cities in the United States have the highest amount of credit card debt (on a personal basis) are the ones that have the highest cost of living. Regardless of median household income and the supporting infrastructure and business types in United States cities, it always comes down to the cost of living.

In some of the poorest states in the USA credit card debt is much lower, simply because the applicants don’t make as much money, and can’t get approved for a higher than average credit card limit. And, in some of the poorest states (Montana for example) the credit card debt average per person is quite low. This doesn’t mean that these folks are living the good life and swimming in money – far from it – it just means that the cost of living isn’t as bad as say somebody living in New York.

We hope that you find a credit card consolidation that works for you, and you get your finances under control as well. There are two different ways you can help yourself with a CC consolidation on this site. You can either apply in the application form(s) (below) or you can use the slider bar at the top of the page to see what your rates will be. Have a great day from all of us here at Financing-USA.com.