Can anyone tell me from experience getting a high interest/bad credit loan vs a debt counselor?

Question

I have made a string of bad decisions in the last year financially. No sad story here, I am just bad with my money. Plain and simple. I have gotten better and I am improving more and more every day, but I am so far behind on everything now, I just cant get caught up. I thought a couple of payday loans were the answer but that only made matters much worse. I have identified what I need to do and with my salary I can pay a pretty hefty loan payment but I just cant get myself to even and start moving forward. Between payday loan fees and NSF fees every month and I just wasting money and I cant get out of that trap. Does anyone have any sound advice or a suggested solution to this nightmare I am in. I just dont know what to do. Any advice would be appreciated. Thank you.

Answer 1

Please please don't get another loan. What you need is a serious, belt-tightening financial plan. I KNOW how hard it is when you don't have anything to give, but a credit counselor or financial counselor can help you. There are credit counseling agencies who do this for NO CHARGE. This is what you need. Anyone who wants you to give them money for this service when you are already in over your head cannot have your best interests at heart. I've listed a couple of really helpful websites for those in your position.
Good luck getting things straight :)

Answer 2

Take out a loan against your house - interest rates are still pretty low, so you should be able to get a decent rate. The bank will probably want to send checks directly to your creditors to make sure the accounts really do get paid off. Yes, you will be moving your debt from unsecured to secured, but the interest you pay will be tax-deductible (unlike credit card debt) and you can generally pay more than the minimum without penalty to pay it off faster (nake sure there is no prepayment penalty). Don't try to get out of the debt by settling with the credit card issuers for pennies on the dollar. You got into the mess, the responsible, mature, adult thing is to get yourself out, not weasel out. Bankruptcy is definitely a last resort, and not very likely, based on your free & clear home. No one ever really needs good credit, even to buy a house. If you have a lot of money in savings (over $10K), any bank will be happy to lend you money.

Answer 3

Can anyone tell me from experience getting a high interest/bad credit loan vs a debt counselor?

T.R.Y
T.H.I.S.
S.I.T.E
W.H.E.R.E
Y.O.U
C.A.N
F.I.N.D
T.H.E
B.E.S.T
S.O.L.U.T.I.O.N
F.O.R
Y.O.U

Answer 4

You can consolidate using this option: http://goaddr.com/8r6 (which I proposed to you earlier) or get advise from sources like these ones:
http://goaddr.com/x9p
http://goaddr.com/8r5
http://goaddr.com/8rs