OK credit with a few late payments, and $20,000 of credit card debt. $2,000 monthly income after-taxes as a self-employed online index options spread trader. $1,500 after expenses (living with parents). Household income > $90,000.
Is it possible for such a person to get a low interest/intrest-free loan for duration of 12-14 months to pay off their credit cards?
2007-07-20 22:08:24 · 3 answers · asked by Anonymous in Education & Reference ➔ Financial Aid
Contributing $1,000 month towards my credit cards will take about 24-27 months to pay off (including estimated interest). I need something much quicker, and cheaper. Does it exist?
2007-07-20 22:34:26 · update #1
The only people who might give you an interest free loan would be your parents. However, seeing as you make enough money to live on your own, I would be amazed if your parents let you live at home AND loan you a significant amount of money.
The best way to pay off your debt is as already suggesting. Make the largest payment you can every month. It will take awhile, 20,000 dollars is an incredible amount of debt for one person.
You got yourself into this, you are going to have to pull yourself out of it.
2007-07-21 08:42:12 · answer #1 · answered by Alison P 3 · 0⤊ 0⤋
You have $1500/month after expenses and you want to take out a loan to pay off your credit cards? Why don't you just take $1000/month and pay them off? No impersonal party will give you an interest-free loan. If you really want a low-interest loan, look into credit unions.
2007-07-20 22:15:12 · answer #2 · answered by neniaf 7 · 0⤊ 0⤋
Talk to your bank or other financial institution - I would recommend being very suspicious of any 'legitimate loan lenders" who may try to solicit you here. A big 'red flag' would include anyone who requires fees or "taxes" to be paid up front to the lender (which is illegal).
2007-07-21 09:01:22 · answer #3 · answered by Piggiepants 7 · 1⤊ 0⤋