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Bull D | I NEED A LOAN TO CONSOLIDATE MY DEBT -BUT MY DEBT IS NOT BAD ENOUGH FOR CREDIT COUNSELING---ANY SUGGESTIONS? |
I have tried to get debt consolidation help but every one just tells me they can't help me because my debt is not high enough!! I have been slowly paying what i can but am starting to sink fast--i work 2 jobs and it never seems to be enough. I am trying to find an organization that will loan me enough to pay off bills and have one monthly payment. Maybe then I can quit my second job to spend time with my family!! Any suggestions? |
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delmoki
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I don't think reducing the number of payments you are making is the answer. What you really need is to get this paid off faster. Call your credit card companies and ask them to lower your interest rates on your cards. This will help you pay off the principal faster. If they won't lower them at first, just keep trying. I would call them once a month. Also look for balance transfer offers so you can transfer these balances to lower interest rate cards (or maybe one of your current cards has an offer to do just that).
Just be diligent. The lower your interest rates, the faster you get these paid off. And as you lower your debt, credit card companies are going to be more likely to agree to lower your interest rate. You just have to keep at it.
And it takes some time. |
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lina inverse
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credit counseling is the right way to go.
however a loan is a seriously bad idea. loans generally provide a short term relief but most often, the person ends up with additional credit card debt in addition to the loan.
get all your cards together, get together all your statements.
call each creditor one by one and describe your circumstances, and ask that you be given a lower interest rate.
find the card that has the smallest balance. aggressively pay off that one while paying the minimum on the other cards.
once that one is paid off, find out the next one with the smallest balance, and aggressively pay that one off.
repeat until you are all done.
most importantly: the first thing you need to do is destroy all the credit cards, every single one of them. do NOT use credit ever again. do not carry a debit card. all of your transactions should be done via cash. you can use checks or money orders for almost every other purpose.
this is the year that you join www.freecycle.org. if your refrigerator breaks, you will likely find someone who is giving one away for free. because as we all know, unexpected expenses can and do come up, so if you find things for free on freecycle you could get, say, 10 lbs of dogfood and save yourself that expense. craigslist also has a "free" section.
you have a family meeting and you all sit down at the table and explain that there will be no eating out this year, and for christmas and birthdays, there is a strict limit of $25 per person. you go to the library and rent dvds to watch. you cancel your cable. you cut your cellphone either totally off or get the minimum emergency service. you buy in bulk and generic. you cook from scratch.
this can be either a wonderful challenge and a fun project, or it can be agony. choose to go the route of adventure, find unexpected ways to save money, from free entertainment to cancelling your vacation and pitching a tent in the backyard. you do what you have to do to get out of this debt.
good luck to you! |
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Bart M
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Do you have a written budget? If you do not, you will not ever know if you are succeeding or failing. At this moment, you are simply grasping for answers, and quick fixes, to a problem of overspending. |
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gizmoe
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First I think you need to sit down and figure out how much money your making. How much is your rent? How much do you spend on food? Gas, phone, clothes heat, lights, entertainment, vacation, gifts. Once you figure this out then you'll see how you spend your money. The best way to get out of debt is keep track of what your spending Think twice before you buy something that you think want. You may find that it looked better in the store then it does on you. if you keep track of what your spending, then whats left over goes on your cards and in your savings. |
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Eric P
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I would go to a credit union, they usaully offer debt consolidation loans... |
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Little Tyme
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How much is your debt, if you dont mind me asking. |
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nebula
 |
have you looked into care one credit? I don't think they have a minimum amount of debt you have to have. They've really helped me out. I pay about $200 less each month than I was before I joined up with them, and I should be paid off in like 3 years ($16000 starting amount of debt)
By the way, to the people who think that consolidation is just making one payment, you're mistaken. The consolidation company speaks with your credit card companies and gets them to give you a much lower interest rate than you'd be able to negotiate by yourself. I tried asking mine to lower my rates at they basically laughed at me. There's a reason so many people turn to debt consolidation, you know. |
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jeyt t
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Combination of various high interest loans into a single one, it is called debt consolidation. The aim behind debt consolidation is to reduce the payments or the interest rate. The easiest method of getting a debt consolidation loan is to utilize the equity of your home. Equity of your home is calculated and determined by the difference in the amount you have paid and the amount you owe. If the amount you have paid is more than the amount due, you can use it as collateral. This allows you to borrow money on lower interest rates. Besides, you also get tax benefit on this type of loan. Consult your tax advisor before opting for this loan.
http://debt-trap.com/category/Debt-Consolidation-Basics.html
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Jasmina C
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Try www.firstcommandbank.com
I took out loan $20.000
Good luck! |
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Meghan
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Sorry, but it's not an easy road. You got yourself into this mess, and now it sucks, but you have to dig yourself out. The only suggestion I can make is to call your creditors. See if they can work out payment plans. See if your wife can pick up a second job to raise your income. Cut back on expenses any and every way you can. |
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MonaLisa Overdrive AM VT wannabe
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Why do you think one big payment, instead of several smaller ones, is what you need? Unless you get a secured home equity loan, you almost always end up paying far more in interest and take longer to clear your debt when you consolidate under an unsecured loan. |
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