2006-07-27 06:22:04 · 4 answers · asked by LM 1 in Business & Finance ➔ Personal Finance
Why do you need a loan to get back on your feet? Your credit is already trashed. Just make a plan to pay your overdue debts with what you are making now.
Figure out how much you can apply toward debt every month, and then get on the phone with your lenders and let them know that you'll be paying X dollars every month until it's paid. Try and get them to lower the interest rates and penalties if you will make those monthly payments. Then do so.
If you can't afford to pay anything to these debts, then a consolidation loan sure isn't going to help, because you won't be able to pay that back either.
If you need help doing this, contact a reputable credit counselor. See the link below to find one.
2006-07-27 10:06:12 · answer #1 · answered by Uncle Pennybags 7 · 0⤊ 0⤋
Other than a house refinance, getting a loan to pay bills is no way to get out of debt. Try making more money for awhile, or a company that helps with that sort of thing. Debt Solutions or whoever.
2006-07-27 13:26:51 · answer #2 · answered by David B 5 · 0⤊ 0⤋
get someone to co sign a very small loan and of course pay it back
and get another one.. etc
get a secured credit card where they hold in deposit X amt of your $ and that is your credit limit
google for secured credit cards
2006-07-27 13:26:26 · answer #3 · answered by Mopar Muscle Gal 7 · 0⤊ 0⤋
I am a previous banker and the first and only rule, you do not borrow money to pay off old bad credit.
2006-07-27 13:26:40 · answer #4 · answered by Anonymous · 0⤊ 0⤋