If you have bad credit there is no hope. For most times it only takes a small loan to clear every debt and give a person a fresh start.Like me it would only take a small amount of money to get a fresh start. Credit Reporting Company should think about this
2006-07-12 11:45:34 · 8 answers · asked by pprock42 1 in Business & Finance ➔ Credit
why not just pay what you owe instead of paying a new loan
2006-07-13 17:14:48 · answer #1 · answered by Anonymous · 0⤊ 0⤋
You cannot borrow your way out of debt. You MIGHT be able to get a consolidation loan, but you'll never get a loan for 150K unsecured.
There IS hope. Get a 2nd job, use all the money to pay off the debts. Snowball the payments. That menas you pay off your smallest debt first. Once that is paid, you take the amount you were paying plus the amount you WOULD have paid the last paid-off debt and put it ALL against the next largest debt. Keep going until you've got it all paid.
Credit counseling, unfortunately, is not likely to be the answer. CCCS is funded and controlled by the credit card companies. They are nothing more than another collection vehicle for the credit card companies to keep people paying and paying. The credit card companies don't WANT people on debt management plans, lowering interest and waiving fees, because they lose money that way !
If you're looking at 3-5 years of payments thru CCCS, you might as well file Ch 13 bankrutpcy and pay back creditors thru the plan and you will be protected from creditor harrassment and lawsuits during the BK. CCCS cannot offer you those same protections.
2006-07-12 12:43:42 · answer #2 · answered by SciFiDiva 2 · 0⤊ 0⤋
Just remember, that if you do find a company to lend you enough money to get back on track that you will pay a lot more now in interest rate and you can not use your existing credit links to get yourself further in debt. If you have enough equality in your house, that is the best way to consolidate this debt.
2006-07-12 13:13:40 · answer #3 · answered by andy 7 · 0⤊ 0⤋
No, sorry. I dont think someone with even perfect credit can get an unsecured line of credit for 150k. Unless you have a home with ALOT of equity in it, then your out of luck. If you over your head go check out a credit counseling service. They work wonders!!
2006-07-12 12:29:48 · answer #4 · answered by chaotickitttie 2 · 0⤊ 0⤋
Generally speaking with that type of debt you'll need to come up with some collateral, since your credit reputation is somewhat tarnished.
2006-07-12 12:50:00 · answer #5 · answered by Swordfish 6 · 0⤊ 0⤋
Borrowing money does not pay off debt.
2006-07-12 11:49:21 · answer #6 · answered by kvuo 4 · 0⤊ 0⤋
Some companies will, but be prepared to face the high interest rates.
2016-03-27 03:00:58 · answer #7 · answered by Whitney 4 · 0⤊ 0⤋
I found some good info here.
2006-07-12 20:19:04 · answer #8 · answered by Anonymous · 0⤊ 0⤋