I hаνе gathered quite a few loans іn mу name over thе years. Thеу problem now іѕ thаt thе payments аrе causing mе ѕοmе trουblе. I аm still maintaining A1 οn mу payment history bυt I wουld lіkе tο consolidate аll thе loans іntο 1 bіg payment. thе debt consolidators thаt I spoke wіth ѕаіd thаt I didn’t hаνе enough debt tο hеlр mе. (Mу debt іѕ 15,000) I tried tο gеt a large enough loan tο pay out thе rest οf thеm bυt thеу ѕаіd i hаd tοο many loans already аnd thаt іf i didn’t, thеу wουld give mе thе loan. Cаn anyone tеll mе whаt I ѕhουld dο?
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Tags: Desperate
If your credit is as good as you say it is, you should be able to walk into any bank and ask for a debt consolidation loan and get it almost instantly
Declare bankruptcy? That’s what my step father did and his debt was wiped out.
1. Stop borrowing money. 2. Pay the required payments on all loans then pay as much more as you can on the highest interest loan. When that one is paid off, go on to the next. Continue until you are out of debt. 3. Just to make yourself aware, use Excel (or any spreadsheet) to find out how much a $10 dinner will cost you if you stay in debt for 30 years. For a card interest rate of 2% per month , you will owe $12,230. 99 after 30 years. Just for that one dinner.
why don’t u get a personal line of credit. with a line of credit u can use it for just about anything and its tax deductable. it will be good for u to use to pay off ur debts. just pay off all of ur debts with that and the only thing that u have to worry about is paying the personal line of credit. and believe me when i say that 15k is not a lot of money, so please don’t listen to that person that said to declare bankruptcy. that’s just stupid. i owe 40k in student loans so 15k is nothing.
I have placed this in the source box. There is a wealth of information there and a great free debt management software program. I bookmarked the site as I return to it often for the advice it offers. I hope this helps you.
Joe had some pretty good advice. Declaring bankruptcy would be ridiculous. If you incur the debt, you need to pay it. It would really be a good idea if you looked at the long term goal of getting out of debt instead of just shifting debt around. Take on an extra job temporarily to help get a grip on things. Imagine what your life would be like if you had no debt, no payments. A very good resource is Dave Ramsey. Listen to him, take his advice. You’ll be glad you did.
I had a situation that was close to the same.
I applied for a credit card with bank of america.
They gave me a free set of balance transfer checks and free interest for 12 months.
This was just what the doctor ordered.
I wrote the ‘checks’ to the various other creditors and paid off as many of them as I could. The best part about it was that I paid at the end of the month. . . since the credit card was not due to the start of the next, I was able to get a free non paying month free!
After consolidating the loan in this manner with NO interest, I will seriously save about 1k in interest fees THIS YEAR alone. . . . If you were barely making it paying the old amount, cut that amount SLIGHTLY but continue to pay as much as you can so that at the end of the 12 month period you wont have to pay alot of interest then (again).
If you had several different cards, it is easy to assume that you were making payments in excess of 1k per month. If you made that 1k payment per month on an interest free transfer on yoru credit card, you could put a HUGE dent in your bill and be paid off completely in two. . . this is provided you cut the cards up. . .
p. s. I had 2 late pays so my credit is probably way worse than yours!
If it is an unsecured debt i will suggest you to join a debt settlement company. They will negotiate with your creditors and bring down your principal debt by around 30% to 70% depending on your credit companies. You can make minimum affordable monthly payments and get out of debt.
Check out this debt settlement company who has helped me out with the same kind of unsecured debt problem.
http://www. debtfreeafterall. com
Good Luck
Take a loan against the house and don’t spend so much money next time