I have about $13,000.00 in debt and I'm getting ready to leave my husband and do not want to leave him with my debt (I do have a heart) but my salary is small and paying the monthly payments I currently pay will be hard once I'm on my own. Even just the miminum payments will be hard on my salary. Will a debt consolidation company be able to help me or do I not have enough debt to qualify?
2007-03-20 00:47:48 · 7 answers · asked by Anonymous in Business & Finance ➔ Credit
the only reason I have so much debt now is because i'm unhappy in my marriage so i spend a lot of money to feel happy. when i'm free to live my life i will be happy. i get happy just thinking about it.
2007-03-20 01:23:30 · update #1
Don't go thru the debt consolidation. They say they won't ruin your credit, but they do.
Go to your bank and ask for a personal loan. If you have good credit, you will get this no questions asked and it will actually look good on your credit.
Good Luck!
2007-03-20 00:51:28 · answer #1 · answered by Jo 6 · 0⤊ 0⤋
Don't do debt consolidation. It's expensive and there are easier ways. Also, it will ruin your credit, at least for a while.
Check out this website, of a non-profit organization that specializes in debt education. They do not sell loans or give your name away. Although the "lesson" I want you to take is about bankruptcy, you do not have to go bankrupt. Use an annomymous name & it's free, but the report will list ALL of your viable alternatives, with the pros and cons of each alternative.
Also, do not assume that leaving your husband will make you happy or get rid of the buying problem. You'll need to look inside of you for the answers to both of those issues. Seek out a support group & do not isolate.
2007-03-20 08:50:15 · answer #2 · answered by jimmyjohn 4 · 0⤊ 0⤋
Opt for a debt consolidation loan: The easiest method of getting a debt consolidation loan is to utilize the equity of your home. Equity of your home is calculated and determined by the difference in the amount you have paid and the amount you owe. If the amount you have paid is more than the amount due, you can use it as collateral. This allows you to borrow money on lower interest rates. Besides, you also get tax benefit on this type of loan. Consult your tax advisor before opting for this loan.
Use unsecured loans: If the equity in your home is not adequate or you do not own a home, go for an unsecured personal loan. These loans are more difficult to get, but once you are approved, you will benefit from the lower rate of interest with this type of consolidation loan.
Minimize the loan period: Nobody wants to spend their major part of life paying off the debt. Hence try to reduce the total debt. If you cannot, consolidate your loans. This is one of the ways of developing financial security. The other part of financial security is to handle your finances responsibly. Reduce the total amount of debt, pay more than the minimum each month and reduce the loan period are the best ways to get out of debt quickly.
2007-03-21 08:02:34 · answer #3 · answered by Anonymous · 0⤊ 0⤋
1st of all sorry to hear about this. you should be able to get help with this it will be easier to have it in a single payment plan so you dont keep getting confused. but shop around for the best deal as many companies will charge 50% but break down the debt 13,000 in 13 lunar months will be 1000 a month or 250 a week. if you pay 62.50 a week you should therefore be debt free in 4 years may seem a long time but it is managable, alternativly seek another job which pays more
2007-03-20 07:54:43 · answer #4 · answered by wierd and wounderful world of me 5 · 0⤊ 0⤋
Punky, if you are in debt with a joint income, how do you expect to make it on a single income? Think about what you are doing? Divorce is not the answer. It will only lead to more problems, and one big extra one: loneliness. Stay with the one to whom you formerly stated: "Til death do us part"
2007-03-20 07:58:28 · answer #5 · answered by Lone Papa 2 · 1⤊ 0⤋
Everything you need to repair your credit is at
http://www.thecreditrepairmanual.com
Good luck!
2007-03-20 09:45:03 · answer #6 · answered by Anonymous · 0⤊ 0⤋
apply for loan and start a small business
http://www.gettheloan.110mb.com/
http://www.learn-more-business.110mb.com/
2007-03-20 07:57:20 · answer #7 · answered by santhosh k 1 · 0⤊ 1⤋