I've got two separate credit card bills, and I want to find a loan which will pay both. My salary doesn't cover the minimum amount due each month.
2006-08-07 10:09:45 · 12 answers · asked by Rsn M 1 in Business & Finance ➔ Personal Finance
well first of all you should not have credit cards if you dont make enouph money to pay for them second you should cut your cards up so you dont use them anymore and third how is a loan going to pay off the money that you already owe to someone else.
2006-08-07 10:13:57 · answer #1 · answered by Mikey bee 2 · 0⤊ 0⤋
Do you ever watch the Suze Orman show? She's a financial whiz who gives people advice. Well, I don't know what she'd tell you in your exact situation, but she generally argues AGAINST getting a loan elsewhere to pay off credit cards. She fears the person will then have these zero balance cards and then run them up again, now owing the place they borrowed from to pay the cards, and owing the cards again! She also tends to argue against it because here you have credit cards, which are not tied to any property...the credit card companies cannot take your car, your house, etc., to pay them. Then, for instance, you borrow against your house and put it in jeopardy when it wasn't before!
Obviously, the first thing is to STOP using the cards. Call the credit card companies and ask them to lower your interest rate (I've done this and they complied--however, I think it depends on your credit). Then you need to come up with a plan to get them paid down to a manageable amount. You could try to work more hours, cut down on other expenses, etc. Or, as someone else suggested, try to get help from a company that offers debt counseling.
2006-08-07 10:24:19 · answer #2 · answered by Kiki 6 · 0⤊ 0⤋
If you own a home, you could get a Home Equity Loan (HEL) or a Home Equity Line of Credit (HELOC). Failure to pay on either of these places your home at risk.
If you do not earn enough to pay the minimum amount due, you either need to earn more money (second job, have a yard sale) or you need to re-work your budget and cut out ALL extras. You should take a look at Dave Ramsey's Total Money Makeover. You might also consider speaking with a consumer credit counselor.
One last thought ... you cannot borrow your way out of debt... you need to figure out how to stop putting things on credit and how to pay MORE than the minimum amount due if you ever want those credit card balances to go down.
2006-08-07 10:16:27 · answer #3 · answered by Harvie Ruth 5 · 0⤊ 0⤋
Don't!!!! Instead, you can call a credit counseling or legal service that can help you negotiate a settlement with your CC companies. Sometimes, if it's approached correctly, they'll settle for pennies on the dollar. Make certain you research the service thoroughly, there are some scams out there. Also, many lawyers will give you an "initial consultation" for free, and if you have to pay $400 for them to make a few phone calls, you're still ahead. Whatever you do, don't take out another loan - just diggin deeper.
2016-03-27 02:45:49 · answer #4 · answered by Anonymous · 0⤊ 0⤋
Go to your bank and get a debt consolidation loan. It is well worth the extra you pay on the back end to have structured payments and actually see your balances at zero. My bank even took of .5% when I set up automatic withdraw payment. The hard part is not using the credit cards after you pay them off.
2006-08-07 10:15:53 · answer #5 · answered by DIRT MCGIRT 3 · 0⤊ 0⤋
You can receive a Get Out of Debt Loan (Good Loan) from Primerican Financial Services. You should contact a Rep in your city or if you are located in Georgia, Mississipi, Sourth Carolina, or North Carolina you can contact me (nlgordon_pfsrep@yahoo.com).
2006-08-07 14:41:00 · answer #6 · answered by Kushu 1 · 0⤊ 0⤋
Hi! what are you worrying about ... get as many Credit Cards as you can spend like crazy or withdraw the cash - then do a bunk to Iraq for a few months - hide in a mosque change your name to Allah Bin Visacard and ..tarraaahh! No more bills..
2006-08-07 10:16:51 · answer #7 · answered by ? 4 · 0⤊ 0⤋
If you don't own property you are going to struggle to get a loan. Why not try a debt service instead, there are lots around and they can re-negotiate your payments to make them affordable. Don't borrow more if you can't afford what you already have, it will end in tears. Good Luck
2006-08-07 10:14:20 · answer #8 · answered by MSMORTGAGE 3 · 0⤊ 0⤋
I'm a loan officer through united lenders group in fair oaks...if you own your home i can help you refinance and pull cash out to get rid of your credit card debt.
916-860-0804
2006-08-07 10:14:40 · answer #9 · answered by Keyon F 2 · 0⤊ 0⤋
Definetly not from me...in fact I was about to ask you for a loan.
2006-08-07 10:13:04 · answer #10 · answered by Anonymous · 0⤊ 0⤋