How can I get a personal loan to pay off debt with bad credit?

Answer 1

Getting a loan will NOT pay off your debts, it will just move them around. Credit has OBVIOUSLY not been a blessing in your life, why don't you try something else?! The book below really helped us get our financial act together. We were struggling several years out of college with student loans, a huge car note & business debts. I know it will help you, too.

Answer 2

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Answer 3

Consolidating your debts doesn't really accomplish anything. You still owe the money. Many people who take out debt consolidation loans, end up further in debt because they've opened up the opportunity to borrow more money without addressing the problem of spending more than they make.

I would recommend the following course of action:
1. Make a budget. List everything you spend money on, including expenses, debts, and any savings you may do. Then list your take-home income. The two should match.

Once you have this picture, you can see where you can slash your expenses and come up with more money than you think you have.

2. Then start saving. You will want to accumulate $1000 as a starter emergency fund, and you'll want to do this as quickly as possible. This is for the little emergencies that come up that if we didn't have this money we'd use a credit card.

3. Then you start attacking your debts. List all of your debts from smallest to largest. Pay the minimum payments on all of the debts except the smallest. On the smallest you put every single scrap of money you can find and put it towards that debt until it's paid. Then you move on to the next smallest one.

It allows you to focus on one and get it done.

For more information check out the book The Total Money Makeover by Dave Ramsey. His plan has 7 baby steps starting with the $1000 starter emergency fund through saving and investing for your future.

The plan is very much common sense, but sometimes it helps to hear it from someone else.

Answer 4

If you have bad credit, it is unlikely that you will be given a loan, even if it is to pay off a debt. If you are deeply in debt, you may want to contact a credit counselor or bankruptcy attorney to discuss your options in paying the debt.

Answer 5

I agree. Rather than take out another loan to pay off debts, and then make payments on that loan, just make payments on the debts.

Any kind of loan you get will have high interest rates and lousy terms due to the bad credit.

Contact your creditors directly and work with them to reduce interest or stretch your payments if necessary. Their motivation is that they will be stiffed if they don't help.

Answer 6

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Answer 7

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