I have about $5000 in debt and its all starting to catch up.. my credit sucks how can i get out of this mess?

i live in canada...have tried to get a debt consolidation loan but because my credit sucks i am not approved... any other ideas?
Additional Details
unfortunatly i dont own my home so refinancing is not an option...

hi, these links sometimes do seem to help people in trouble, hope there's something in there that helps you out!
http://credit-cards.ebookorama.com
http://finance.ebookorama.com
http://credit.ebookorama.com
http://credit-repair.ebookorama.com
good luck.

If you have several credit cards, I suggest you pay the minimum on each card except for one. On the one card make the highest payments each month that you can until you have paid it off. Once you are done with that one concentrate on the next one also making high payments while paying the minimum on the others until you are done. Good Luck!

Get a second job for a few months and use your entire pay check that you recieve from this job to pay this debt.

margeritaperez's advice is good. Start with the highest rate debt first. This will reduce the total interest you pay leaving more money to pay the principle.

The first step in any debt reduction plan should always be to set up a budget and be sure you are spending less than you earn.

Hi do you have or can you get your hands on a copy of Quicken?
I ask because Quicken (it is a home based accounting software) has a wonderful debt reduction planner. It also has budgeting features and can show you how to save for a major purchase.

Speaking from experience, $5,000.00 isn't that bad and is completely workable. It will mean a little discipline on your part but is nowhere near as bad as I was when before I started working my plan to get out of debt.

Bottom line...to get out of debt you have to either bring in a heck of a lot more money (how likely is that...honestly?) or cut your expenses. There are a million ways to cut expenses if you're motivated to do so.

Best of luck, you can do it!

listen to dave ramsey's radio show

try:

www.creditboards.com
OR
www.lexingtonlawfirm.com

My fiance went through lexington, then once he learn how to clean it up himself, he became a member of creditboards.com and he now has a 700 FICA score!

he went from a 560 to a 700 in just 18 months. it seems like a long time but it really isnt!

Good Luck!

Do not go through debt companies. Here is some advice to to this on your own. Don't take out another loan to pay off your present loans. That is like "borrowing from Peter to pay Paul". You can do this without borrowing.

First thing of course would be to cut up the credit cards and make a commitment to never charge again. Then follow the following plan.

Make a list all your debts by amount you owe from smallest to largest. Then begin by pay the "most" amount you can each month to the smallest debt with the idea of paying it off quick. Then, only pay the minimum payment on the larger debts. Continue doing this every month until you have the smallest one paid off. Everytime you pay off a debt, call the company and tell them to close the account ... that you paid off the debt and that you do not want to leave the account open. They will try to talk you into leaving the account open. Don't do this as it is too convenient and you will be tempted and will sink into debt again. You then start paying the most you can on the next smallest debt in line and go on from there until you have each paid off. Every time you get any extra money, whether it be $5, $10 or more, apply it against your debt even if you have already sent in a payment. You can send in payments more than once a month. Don't go out to eat. It's "beans and rice, rice and beans" as Dave Ramsey always says. LOL Also do things to make money like garage sales, sell on eBay, get a second job, anything to help you get money to apply toward that debt. It's not about obtaining the best credit score, it's about eliminating the debt.

You can get more help on how to accomplish this by reading and listening to Dave Ramsey. He has a talk show which you can hear on line through his archives, or live by entering your zip code and find out what time of day his show airs. Plus there is a lot of reading material on his site to get you started. In addition, he has forums from his site to get help and advice from other people who are in debt. Dave has been there (with debt) and knows what it is like and is now helping people to get out of it. There are people that have followed this method with over $100,000 in debt and have gotten it paid off without going through bankruptcy and without getting some debt help company to do it for them. Dave's website link is below.

I hope this information helps you and you get the relief you need.

http://www.daveramsey.com

don't file bankruptcy over $5K in debt...get a legit credit counseling service...they will negotiate with your creditors on your behalf to get you on a payment plan that can fit your budget...your creditors want you to pay it back, not file for bankruptcy...they are like drug dealers...they want to keep you strung out so they are very willing to negotiate...remember, LEGIT CREIDT COUNSELORS...research them carefully because there are a bunch of crooks out there...good luck

bancruptcy or go to a credit counceling company

Whatever you do do not file bankruptcy choose your other options there are always other alternatives... Try the link below see if they can get you started. They are awesome. A lady I knew went to them her score is in the 700's now.

I don't know about Canadian laws, but here in the US you can refinance your home, take out a home equity loan, or file for bankrupcy.

either way your still going to have to start paying on them eventually. bankrupcy stays with you for 7 years and even then save all your receipts you will need them in the future to remove the bankrupcy from your credit report. call them most at some point are willing to settle for less.figure out a payment aggrement that works for you not them .

rob a bank. this is your only choice. on a more serious note, file bankruptcy. this really is probably your only choice.

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