2007-03-26 08:08:32 · 7 answers · asked by greyhairca 1 in Business & Finance ➔ Personal Finance
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!
2007-03-26 18:53:15 · answer #1 · answered by gabriel jones 4 · 0⤊ 0⤋
If you have bad credit, then you cannot realistically borrow your way out of debt. Even if you are approved for a loan, you will only be transferring bad term debts to another bad debt with possibly even worse terms.
Credit counseling is designed for situations like yours. It allows you to break away from credit card debt. You may be able to get lower payments and substantially lower interest rates.
2007-03-26 08:46:34 · answer #2 · answered by Anonymous · 0⤊ 0⤋
You cannot "borrow your way out of debt", which is what you are trying to do. That's just exchanging who you owe the money to!
Go to your local library and you will probably find a flyer on the noticeboard offering free credit-counseling, that's what you need. The ONLY way to get out of debt (and then after that, to get really rich) is to spend less than you earn.
Best wishes...
2007-03-26 09:32:51 · answer #3 · answered by Anonymous · 0⤊ 0⤋
No one will give you a personal loan for you to get out of debt.
You have to earn the money and pay it off yourself.
You must be day dreaming.
Call those 800 number on tv, maybe they can help you reduce the amount.
Saving is the key to freedom, not spending it all.
Good luck!
2007-03-26 08:29:32 · answer #4 · answered by Anonymous · 1⤊ 1⤋
You're not getting out of debt, you're just trading one type of debt for another. No lender in his right mind will do that.
2007-03-26 08:38:22 · answer #5 · answered by Anonymous · 0⤊ 0⤋
Try Prosper.com - http://www.prosper.com/
It's an online network of groups of private lenders and borrowers, a little bit like an eBay for lending and borrowing.
2007-03-26 08:20:46 · answer #6 · answered by Anonymous · 1⤊ 1⤋
and....?
2007-03-26 08:15:29 · answer #7 · answered by Killemall21 3 · 0⤊ 1⤋