I HAVE TRIED MOST PLACES FOR A LOAN TO PAY OFF DEBTS AND MAKE MONTHLY OUTGOINGS LOWER.BUT BECAUSE I AM CURRENTLY A HOUSEWIFE,AND DO NOT WANT IT TO BE A JOINT APPLICATION NO ONE WILL EXCEPT ME.OH AND I DO HAVE BAD CREDIT RATING!
2007-03-21 07:40:29 · 11 answers · asked by Anonymous in Business & Finance ➔ Credit
I know how you feel, its bad isnt it. The only places that will lend are the ones who charge extortionate interest rates so you get into a bigger mess than you were in the 1st place. Those lenders should not be allowed to do business with any1, they just prey on peoples weaknesses. whilst rubbing their hands at the profits they make.
2007-03-21 07:49:31 · answer #1 · answered by janeybest 2 · 2⤊ 0⤋
Without any income, you will not be approved for a loan. How do you plan to make payments if you are a housewife? You do not need a consolidation loan, you need to be out of debt and stay out of debt. A loan is just more debt. You need to find a job to make some money even if it is part time and start paying off your debts smallest to largest. You will create a debt snowball by paying minimum payments on all debts except the smallet one and putting all other money on the smallest debt. When you pay that one off you put all the money to the next debt until it is paid off and so on. Interest rate is not important - it is all about smallest to largest to gain momentum in paying off your debts. You also need to cut up all credit cards so you are not using them and sell anything you can to get extra money to pay on the debts. EBay and Craigslist are free places to sell your stuff and a garage sale can bring in a couple hundred dollars.
2007-03-21 08:32:08 · answer #2 · answered by Jennifer W 1 · 0⤊ 1⤋
Generally, these loans require collateral that can be either your home or some costly property. But sometimes, you can get these loans as an unsecured personal loan. But they charge high interest rates.
When going for a debt consolidation loan, you should consider some important factors. They are: cost of taking the loan, the annual percentage rate (APR), period of the loan, and the total amount borrowed. Ensure that the debt consolidation loan charges a lower interest rate than the rate for your current loans. Interest rates are usually decided by factors like loan amount, loan terms, and personal details.
2007-03-22 00:31:58 · answer #3 · answered by queen i 1 · 0⤊ 0⤋
I am afraid that you might end up paying waaay to high interest rates and it might be worth just paying your debts off as you are now. Dont fall for these silly little adverts on tv where they make it sound like its the easiest thing in the world, they say it cause they are making alot of money out of people. Try speaking to your local citizens advice bureau who can offer debt advice. They can even at times, stop the interest mounting up.....Good luck
2007-03-21 07:51:06 · answer #4 · answered by brunelscooby 4 · 0⤊ 0⤋
This is an easy one to answer. You can get a consolidation loan. It will be secured against the value of your house! i.e. if you dont keep up payments they have the right to kick you out and sell your house to pay off the loan!
You need to see the citizens advice bureau as a matter of urgency.
2007-03-22 04:36:54 · answer #5 · answered by brian t 5 · 0⤊ 0⤋
Try credit counseling instead. They work with your creditors to lower your payments and you make one lump payment to them.
Do some research to make sure the company you choose is reputable, though. You will have to close all your accounts that you're getting consolidated, but that's okay. You don't need those credit cards anyway if you've apparently had difficulty using them wisely and paying them off.
2007-03-21 07:51:07 · answer #6 · answered by Nasubi 7 · 0⤊ 0⤋
Have you tried calling the credit companies yourself and getting them to lower your rates and set up a payment plan? Also, try and see if you can get a copy of Oprah's show when she did the debt diet, it was a series with 3 families in different situations. She got them financial counselors who showed them how to get out of debt themselves. Watch it you'll learn something, with out wasting your money. Good Luck
2007-03-21 08:21:41 · answer #7 · answered by tiffy616 2 · 0⤊ 0⤋
Get advice fro the Citizens Advice Bureua they are quite expert in sorting your problem out.
2007-03-21 07:52:49 · answer #8 · answered by Anonymous · 1⤊ 0⤋
try to find out, if you got a local credit union, as they are more inclined to lend to people with bad credit etc... apparently (someone told me yesterday)
here is their governing body website:
http://www.abcul.org/page/index.cfm
good luck
2007-03-21 07:53:45 · answer #9 · answered by g k 2 · 0⤊ 0⤋
checkout the loan information site It's help you hope visit
2007-03-21 20:03:51 · answer #10 · answered by xxx 2 · 0⤊ 0⤋