2007-03-08 06:18:16 · 11 answers · asked by lizette r 2 in Business & Finance ➔ Credit
It may be possible, but you'd need to see a financial counsellor to be able to do that (debt management...as stated before, go to a non profit). Before you do that, see if you can't reduce some of your debt on your own. I've used Dave Ramsey's snowball method of debt reduction. I'm paying the minimum payment on all but my smallest debt. I'm throwing everything extra I have toward that debt. Once I get that paid off, I'll be able to use the full payment from previous payment + minimum payment from next higher debt to pay off that balance, etc. Dave Ramsey has 2 books out, the Total Money Makeover and Financial Peace, both of which should be available at your local library. They're good, practical books that have several success stories and examples in them that may help to encourage you.
The one thing you need to remember right now with a lot of bills is that you can't run up any more debt. Work out a realistic living budget on the money you are making now. If you have to, get another job for the short term and use that money exclusively to pay off your debts. Yes, it's hard work; no, it's not fun and you won't be able to do things for the short term. But look at it this way: if you have to take another job for 6 months or a year to completely pay off or drastically pay down what debt you have now, how much easier will it be to live? How much more money will you have at the end of each month to live on? It may take years to do, but you can do it. Good luck with whatever you decide to do!!!
2007-03-08 06:53:23 · answer #1 · answered by rockjock_2000 5 · 0⤊ 0⤋
Bad credit is one of the worst problems to have... however there exists a solution.
I will hereby talk from my personal experience.
I did debt consolidation a couple of years ago, however If I had to do it again I would pay to some minor details,
if someone wants to get out of debt today it is pretty easy with a debt consolidation plan, however it may get a bit tricky at times, I suggest you get as much information as possible online on this first,
a good place to start in my humble opinion is astraight to the point ebook with question and answer I found :
http://umgarticles.atspace.com/debt-consolidation.htm
if it helps kindly remember me in your voting!.. cheers!
2007-03-09 08:12:27 · answer #2 · answered by gabriel jones 4 · 0⤊ 0⤋
Credit cards, leniency in debt payment, spending extravagantly and lavishly are some of the reason as to why the person is trapped in debts. It is rightly said that debts are just as a ‘cobweb’ that is easy to enter but very difficult to come out of it. But, this doesn’t imply that once the person is trapped in debts then he can never get rid of the debts. Fortunately, there is one such source available in the financial market which helps in dealing with debt problem and is known as debt consolidation loan.
http://www.freeadstb.com/debt_consolidation/
2007-03-08 15:15:10 · answer #3 · answered by arley_vest 2 · 0⤊ 0⤋
Yes but not recommended, There are companies that will take all your debt, and let you pay back at a lower rate per month/week. but will charge you a much higher interest rate, so you will end up in debt longer, with much, much more to pay in the long run.
In the UK , speak to citizen advice bureau, There is help to write off some of this debt. In other countires, im not sure
2007-03-08 14:27:50 · answer #4 · answered by steven m 7 · 0⤊ 0⤋
i had really bad credit (and still do) and i consolidated with some company i forgot what their name is but it was actually pretty convenient they managed to scrunch all my bills into 222 a month. sucks tho cause then i lost my job and i didnt tell them and they dropped me cause i didnt make 3 payments in a row. and once you've consolidated once another company wont take you. sucks.
oh and i consolidated around 8,000
2007-03-08 14:27:45 · answer #5 · answered by Anonymous · 0⤊ 0⤋
Do not worry.
You can join a debt settlement company who will negotiate with your creditors on your behalf and reduce your principal debt by around 40%. You can make minimum monthly payments and get out of debt within 36 months depending on how much you can afford as monthly payment.
They will usually negotiate for either LESS or NO interest rates.
Check this debt settlement company who helped me out with the same unsecured debt situation.
http://www.debtfreeafterall.com
Good Luck
2007-03-08 16:11:05 · answer #6 · answered by Hima K 2 · 0⤊ 0⤋
It is possible. Go to one of the non-profit credit counseling companies. They'll negotiate with your creditors on your behalf and they will arrange for a single monthly payment, which they will handle for you.
Do not get involved with any company that wants you to pay them a fee for this service. The non-profit companies in this business will not charge you a fee.
Here's a page that lists some possibilities...
2007-03-08 14:27:16 · answer #7 · answered by Anonymous · 0⤊ 0⤋
What sort of bad credit? And what sort of bills? Do you have a home loan or mortgage? Some good financial advice speak to Chris The Mage at http://sa-property.blogspot.com, I think he's mail address is wizchris@gmail.com, tell him that Wizardman referred you, I know it sounds like morse code but he's brilliant trust me.
2007-03-08 14:22:57 · answer #8 · answered by wizardmansa 1 · 0⤊ 0⤋
yes.. but you usually need to have at least 10,000 in debt before a company will consider you
they expect you to have bad credit if youre coming to them
2007-03-08 14:22:16 · answer #9 · answered by Anonymous · 0⤊ 0⤋
Try to get two jobs and pay smallest to biggest.
2007-03-08 15:19:30 · answer #10 · answered by shorty21 5 · 0⤊ 0⤋