I have alot of credit card debt, how can I get a personal loan to pay them off without hurting my good credit?

Question

I contacted a debt solution program but they say my credit will be hurt until I get these paid off. My credit is real good I just have alot of credit card debt that I would like into one lump sum with a fixed monthly payment. I cannot take a home equity loan due to a second mortgage for a business loan. My local bank said I don't have enough assets for a personal loan to cover the whole amount.

Answer 1

I was in a bad way many years ago and went to my regular bank with no luck for a personal loan, so I went to another bank and another bank. I finally found one that would loan me the money. It saved my butt. I do not know your situation but it is worth trying other banks.

Refi you house again maybe.

It is true however, that at some point you have to stop living on credit. Kind of a downward spiral. Maybe if your business is not doing well, it is time to look elsewhere for employment to help pay your bills. Facing reality can be the hardest of things to do.

Answer 2

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Answer 3

Tax Maven has some good ideas. Common sense stuff. One thing he didn't mention tho....

Instead of going the ONE lump sum, talk to your creditors. Explain your situation to them. I did this with a couple of Credit places and they were helpful in cutting some penalties. The way they look at it is.....if they at least get SOMETHING from you....it's something. I've been able to pay off Cards with only 50% to 66% of the total amount owed. It shows a blemish on your credit, but it's a LOT better than taking out another loan.....which shows on your credit also....but in a REAL bad way

Answer 4

Stop trying to borrow your way out of debt. Please go immediately to the website below. I am a serious Dave Ramsey fan. Working his plan has caused (in 2yrs) about a $150k positive swing in our household's net worth. BUT, his plan is all about sacrifice. We hardly ever eat out, we have no cable, no credit cards, no home phone & our newest car is 15 y/o & was purchased w/ $1700 CASH. We coupon religiously & I cook from scratch for most meals. Our teenager works for every nickel he gets (except basic food & clothes). In short, if there is no cash to buy it, we don't buy it.

BTW, those credit solutions places will screw up your credit as bad as a bankruptcy & you will probably end up getting sued by the creditors, anyway. PLEASE don't do that to yourself.