it is getting harder and harder. i have 8 cards consisting of about 17k. the interest rates are killing me and its just a pile of mess.
about 70% of them have been for school and living expenses since i cant get financial aid and im on my own.
i would like to know how or what i can do to pay it off easier.
im thinking about going to my local bank and take out a loan but how would i do that?
any suggestions would be great., thank you
2007-03-25 16:07:11 · 5 answers · asked by Moore55 4 in Business & Finance ➔ Personal Finance
It sounds to me like you over did it big time! Call Consumer Credit Couseling and make an appointment to see them right away. Possibly they can help and get rid of the interest rates also. Hope this helps. Leave those cards at home.
2007-03-25 16:19:43 · answer #1 · answered by idaho_native57 3 · 0⤊ 0⤋
if you owe so much money I doubt that a bank would give yo aloan, as it is unlikely you make enough to pay that off too, as that is how they will see it. they look at not only your credit but your debt to income ratio. Why can't you get financial aid? have you filled out hte fafsa? even if you are dependant and your parents wont help, they can at least help with the forms. You might want to ask your school about a dependancy override, or no parent appeal. There are some situations where a financial aid office willoverride the federal regs to allow you to apply without parent info when you would normally need it.
2007-03-25 18:02:31 · answer #2 · answered by SZ 3 · 0⤊ 0⤋
Credit card debt consolidation adds up all your unpaid balances and converts them into a single payment. This payment is far lesser than each of the individual payments.
When you finalize a plan with a debt consolidation company, the company repays your dues to your creditors. Then you make a single payment to the consolidation company every month. Your average new interest rate is much below the old interest rate.
All credit card debt consolidation loans include some type of credit card and debt counseling. You have to trim your lifestyle to eliminate unnecessary expenses. This will allow you to set your house in order. But this necessary, as the ultimate goal of debt consolidation is to help you out of debt, while keeping your home.
2007-03-26 00:47:13 · answer #3 · answered by hendy h 2 · 0⤊ 0⤋
The best answers I have for you are ones you won't care for much, unfortunately. You can borrow money from anyone you can get it from at the best interest rate possible... You can file bankruptcy if a judge will let you. Increasingly unlikely due to tougher laws. This also screws your credit for 10 years. Or, the one I like... Pay as much as you can towards the card with the highest interest rate... pay the minimums on all the others. Don't make any late payments! Get a part time job delivering pizza or subs on weekend evenings to pay off quicker.
Stop using any of the cards. Period.
Your only other option is to simply stop paying altogether. It's unsecured debt and the companies aren't going to spend money suing someone who has nothing to take. You are what's called, "judgment proof" in the lingo of the credit trade. This screws your credit for 7 years and has no bankruptcy filing fees. A better deal at least than filing bankruptcy.
Sorry I didn't have better news, but at least it is all truth. There is no magic wand.
2007-03-25 16:21:37 · answer #4 · answered by chimneygod 3 · 2⤊ 0⤋
the cardboard in basic terms comments to the credit bureaus as quickly as a month and in basic terms what shows on your account at that element. in case you in the present day pay costs, it particularly is probable that no utilization will coach while they checklist. you ought to have utilization to construct credit. in basic terms keep it basic. Use the cardboard for widely used purchases and pay the assertion stability in finished each and each month. That builds credit and avoids pastime.
2016-10-19 22:31:12 · answer #5 · answered by ? 4 · 0⤊ 0⤋