Where can my husband get debt consolidation to pay off credit card debts without collateral?

Question

We went to apply at a credit union and the first time the lady said that we was approved of the amount that we asked for without collateral and that the next day we could fill out the forms and get our loan. The next day we went, it was a totally different woman and story. She told use that we was not approved at all for the amount of the loan that we have asked for but that they colud offer us another amount in which was not enough to pay off one of the four credit cards that we have. It's very, very fraustrating because we pay all our bills on time and we do make the mininmum payments on the credit cards which ranges from $50-$100 but that's not enough for them. We just want to pay off the credit cards and to build our credit back up again. What can we do? We need some help!!!

We don't own or rent a home and we have a personal loan (that we pay them on time) already with the credit union that we went to to apply for debt consolidation loan.

Answer 1

1. You can try again in a few months after making higher than just minimum payments. Once you pay down some debt, your score may be high enough to qualify.

2. You can make higher than minimum payments for several months, and then contact your credit card companies to request a lower rate. That can help you pay them off even faster, and it may lower your payment slightly if you need a break.

3. You can use the equity in your home to get a home equity loan. This can give you a much lower rate that may also decrease your income tax burden (ask your tax adviser). It does mean that you are securing what was once an unsecured debt with your greatest asset. If you are not a homeowner with equity, then this is not an option.

Answer 2

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Five Things Every Woman Should Know
BEFORE Signing Any Credit Application!

-by Terry Price

(C) Copyright Terry Price
All Rights Reserved

http://gaby1221.niesong.hop.clickbank.net
=======================================

Have you ever wondered if banks
have a tendency to approve credit cards
and loans for one sex more than the
other? If you are married (or plan to
be) I will share with you five vital
keys every married person should know
before signing any credit application.

VITAL KEY #1: According to the Federal
Equal Credit Opportunity Act (FECOA)
creditors cannot deny consumers access
to credit because of their sex.
However, on average (in surveys) it's
reported that women earn less money
than men. Regardless of what the FECOA
states, the relationship of credit to
income is very strong.

In our society if you make less
money you will get less credit, period.
The sad fact is that women on there own
have less access to credit. It's for
this reason (I believe) it is
imperative that women learn and acquire
more knowledge about credit than men.
Knowledge is power; and in the world of
credit that knowledge will often times
prove to be priceless, especially for
women.

VITAL KEY #2: If you are a married
woman with JOINT credit (meaning all
your credit accounts are jointly held
with your husband) you have NO CREDIT
yourself. Many women in America find
this out the hard way every year when
they get divorced and lose all their
credit privileges since all their
accounts were jointly held with their
spouse. If you are a woman in this
position you can greatly benefit by
beginning to build your own credit in
your own name starting today! The
benefits are two fold.
1.) If your spouse has financial
difficulties (for any reason) and is
forced to file bankruptcy or their
credit becomes derogatory, you and your
spouse will have your credit in reserve
to survive on.

2.) If you ever get divorced down the
road (over 50% do and 76% in the state
of California) you will NOT end up in
financial hardship due to no credit
and/or derogatory credit. Instead, you
will have your credit to transition to
and (believe me) this can be the
difference between sailing off in the
sunset or drowning in a storm.

VITAL KEY #3: If you are currently
married (with some credit or no credit)
to a spouse who has excellent credit,
you can leverage their credit to build
credit in your own name much faster
than if you had to build it by
yourself. Later, once you have
established enough accounts on your
own, you may choose to cancel accounts
that were held jointly with your spouse.

VITAL KEY #4: If you are a single
woman with excellent credit and are
getting married you may want to think
twice about adding your new lover to
all your credit accounts. If he messes
up or you end up in divorce down the
road your credit will end up taking the
beating (regardless of how many years
you diligently spent building it up).
For this reason, I strongly suggest
married couples keep their credit
separate. Why?

In most cases spouses have far more
to lose than to gain. Naturally, some
credit will have to be joint no matter
what you do. If you purchase a home
(which may require both incomes to
qualify) this will appear as a joint
account on the credit report. However,
the potential abuse with a home
mortgage is almost non existent as
opposed to Credit Cards.

VITAL KEY #5: Spouses have more to
gain by each building strong individual
credit reports rather than joining all
accounts and building one joint report.
For obvious reasons, banks and credit
card companies love the "credit
ignorance" of spouses who join all
their credit accounts upon marriage.

Here's why: If you take 500,000
couples with credit before they got
married, those 500,000 couples actually
represent one million credit accounts
and liabilities for the banks and
lenders. When those couples got
married, those one million credit
liabilities were instantly were cut in
half from one million to only 500,000.
For banks this is a very advantageous
situation. For the couples getting
married (if they have financial
trouble) the deal is a little raw. If
they have trouble, although they are
two people, they are represented by
only one credit report. The bank now
has the right to go after two different
people for one account (regardless of
who was financially negligent).

For moment, let's play out the same
scenario with a couple which is
financially savvy (note: they're both
on the same "team" but financially
savvy). In this scenario, the couple
gets married, but instead of joining
account each builds their individual
credit reports. Now this couple (team)
has not one credit report representing
them but two. Metaphorically, if the
perfect storm (financially) is to rise,
this is the difference between the
couple being in the ocean with two
ships instead of one. If the one ship
starts to sink, the couple can always
"jump ship" to the second.

While some may criticize this
thinking it is no different than buying
any kind of insurance. You buy
insurance not because you plan on a
problem. You buy insurance because you
are thinking ahead. This type of
thinking is no different. However, if
you want to be ahead of the pack that
you need to think ahead of the pack.

I cannot tell you how many times I
have talked to loving married couples
in financial trouble who only WISHED
they would have known about these five
vital keys before they got into
financial trouble. Take them, study
them, apply them to your life. As I
heard one woman put it "In business and
in life I've learned to expect the best
but plan for the worst". I thought her
words were brilliant. However, I have
found that when I expect the best...
many times I tend to get it! Take
these five vital keys. Study them.
Apply them. Then pass them on to
someone else who can benefit from them.



(END)

In a few days we'll talk about:


"Facts You Should Know BEFORE
Using A Credit Repair Company"


=======================================
Terry Price is the founder of Consumer
Education Group which publishes the
Credit Secrets Bible (in print since
1994).

For more information on the CREDIT
SECRETS BIBLE you may visit:

http://gaby1221.niesong.hop.clickbank.net
=======================================

Answer 3

your only option is to take out a personal loan, or a home equity loan against your house and use the money to pay off the cards.