Getting Out of Debt?

Question

I am trying to get out of credit card debt. I've tried prosper.com to no luck. I have tried getting a loan out of a bank with no luck. I don't own a home; I have a car that I am paying on until 2010; my credit's good, but my DTI is over -20%; and I've tried working a second job by selling cosmetics directly to customers, and ended up in more debt. Besides "getting a second job or a better paying-job," is there a way I can get a loan or extra cash to borrow?

Answer 1

ok i am thinking you DTI is 80 not 20. With a 20 percent you would clearly get a line a credit of some sort.
here is a couple of ideas.
Talk to your parents tell them your situation. If they have any extra money, see if they will borrow you it for 3 months. Pay off your CC debt right away. then in three months you should be able to get a line of credit or maybe do a combo loan with you rcar better intrest rate with that collorateral. then take that money and pay your parents off.
if that dose not work sit down and put all of your expences cut, the unessary ones out. you will be shocked when you truly look at the picture. There are some really good answers to your question/follow the advice of the other people.

Answer 2

You are doing good if your DTI is only around 20%. Most people these days are looking at DTI's anywhere from 45% to 60%. The best way to handle credit cards is start with the smallest balance and pay a larger amount on that one, while just paying the min on the others. Just keep working your self up the line. Also, close the ones with interest rates higher then 15% or that make you pay a yearly fee for having them.

Answer 3

If you can't get a loan at reasonable interest rates (as in better than you are currently paying) your best bet is to simply switch credit cards every six months. I must get 5 credit card offers a week. Every one of them has a no-interest balance transfer for 6 months or so. So, every six months I switch the balance to a new card. This allows you to pay 100% on your debt, and not on interest.

There are probably credit score downsides to jumping around from card to card like this, but the bottom line is you end up with an interest-free loan.

Answer 4

Credit card interest is huge, get another card which give you 0 % interest on balance transfer but you still will pay 2.5 % for transfer fee and you need to pay monthly as well, until the 0% interest period is end. but you have to increase you monthly payment so that your card is paid quickly, hopefully before the 0% interest period is finish. If your debt is too big, then you might need to sell the car, it mean that you still have to pay the loan on the car but I assume the interest is not as high as the credit card. If you cannot handle you money, do not fall into credit card, it could ruin your life.

Answer 5

Part of the problem is that each loan "try" counts AGAINST your credit score.
Also, direct marketing is a job for retired people that can devote lots of time and energy to it.
If you have credit cards, start with the smallest outsatnding balance one; pay double or triple the monthly minimum until it is paid off, then cut it up and cancel it. Then "roll up" or put that money that you would have paid on that card plus double payments on the NEXT card on your list. Rinse, repeat until all are gone. DO NOT borrow more money.

Answer 6

First of all, you need to quit using credit cards. That is just defeating the purpose. Also many debt collection agencies or credit card agencies are usually willing to make a settlement, especially if you are late on your payments. Some credit card companies will give you a low interest rate, etc., if you explain your situation. Also, maybe you should trade in your car. That would take some debt off of you.

Answer 7

Your dti is over 20. well there are cash advance places but you have to pay it back in a week, put as much on the cards as you can each pay. Same boat here, trying to elminate my credit cards, it very hard.

Answer 8

if you own a car, you may be able to get a auto loan. or if you own a home try an equity line of credit. good luck I am currently headed that way, and already have a car loan and equity drawn. But the way I look at it, live while you can and enjoy yourself, don't stress it one day you will die and you will have lead a full life. if you stress it your going to die sooner and not as happy. lol

Answer 9

1. move into a cheaper place
2. sell the car and get a cheaper one (old, used)
3. stop the cable etc. all your bills
reduce your expenses.
that is the way to get out of debt.
not by borrowing more.
figure out how to reduce the expenses in your life.
the only other way is to get more income
(like go to school to become qualified to do something that pays better)

Answer 10

There are some rich people who will help you out. Look for ads in the paper. They want to help people out and will usually be quite good in repayment terms. Good luck.