I have some debt that needs to be paid off pretty quickly. My credit is so so, not good enough to take out a personal loan, I have no co-sighner, and nothing for collateral. I need suggestions on a way to pay off this debt. Do I try to consolidate or what? I am leary about using consolidation companies with the high interest and just the whole idea of it. I need about $5,000 to completely wipe out my debt. I appreciate your suggestions. Thanks so much
2007-06-22 03:32:26 · 8 answers · asked by maritzacala_2003 2 in Business & Finance ➔ Credit
Start with a budget. A written budget. Every month. You will feel like you got a raise. I started a written budget about six months ago. When you write it down you can see where the money is going. You can tell your money what to do. But, you have to stick to it.
for more good advice on money and debt go to daveramsey.com and listen to his radio show or you can find a station near you to listen to.
2007-06-22 05:37:20 · answer #1 · answered by heybulldog 5 · 0⤊ 0⤋
May I suggest Power Pay? It's a free service (all you need to do is create a username and password) that will help you see all of your bills and help you devise a way to pay off your debt.
The site is www.powerpay.org.
The concept was introduced by some college students who thought about helping people see the most efficient way to get out of debt. In the program, you enter all your debts - name each account (no need for account #s), put in the interest rate, how much you owe, the minimum monthly payments and any extra you are putting towards the bill. It will show you how you can pay off one card and then use the money that you were using for card #1 and place that extra towards card #2 and so on. It also gives you options - it will show you which method will clear your debts the fastest, which one saves the most money, etc.
It is really awesome. I love it.
Good luck!
2007-06-22 07:23:11 · answer #2 · answered by YSIC 7 · 0⤊ 0⤋
What do you mean by your credit is so so? What you think is not good enough for a personal loan maybe ok. Is your score below 500? That would not be very good. If you have a co-signer with good credit you would not need collateral. If your credit is not good and you get approved for a loan, your interest rate would be high with anyone, not just consolidation companies.
2007-06-25 15:47:57 · answer #3 · answered by luciousgreeneyedlady 5 · 0⤊ 0⤋
i would suggest a 0 APR credit card. if you only have $5000 in debt, you more than likely will qualify for a credit card. there are a lot of credit cards that are doing 0% balance transfers.
at the very least, this would buy you some time to try to improve your credit or come up with a better long term solution.
2007-06-22 03:42:52 · answer #4 · answered by spaz 3 · 0⤊ 0⤋
Try a consolidation loan through your bank. The interest rate is negotiable.
2007-06-22 03:38:55 · answer #5 · answered by bin there dun that 6 · 0⤊ 0⤋
call all the companys and see if u can make a payment plan or a settlement with them and this should help u.. and Good luck
2007-06-22 04:35:17 · answer #6 · answered by shorty21 5 · 0⤊ 0⤋
research non-profit credit counseling services. you'll most like pay for the administrative fees. or borrow money from family.
2007-06-22 03:45:57 · answer #7 · answered by hi91977 3 · 0⤊ 0⤋
I used Consumer Credit Counseling Services several years ago and they worked with my creditors to lower both my monthly payments and my interest rate. They are a free service and I was debt free in 36-months.
You may not be enough in debt to qualify with them, but it would not hurt to call and check.
2007-06-22 04:49:22 · answer #8 · answered by ? 7 · 0⤊ 6⤋