I am way in over my head, I have 6 credit cards and I'm over $12,000 in debt. I have tried to take out a loan at the bank to consolidate but i got turned down. I can barely afford the minimun payments and it has ruined my credit. I need HELP!
2007-10-26 04:50:54 · 10 answers · asked by LyndseyGetsLucky 3 in Business & Finance ➔ Credit
Contact Consumer Credit Counseling Services at 1-800-388-2227.
They are the oldest and largest non profit credit counseling service in the Country and have agreements with all major credit card companies so they can lower your interest rate and monthly payments.
I used them several years ago and was debt free in36-months. You will lose all of your credit cards until the accounts are paid off, but you obviously don't need them anyway.
2007-10-26 05:11:01 · answer #1 · answered by ? 7 · 3⤊ 0⤋
First thing you need to do is get rid of the credit cards.
Capitol One Credit company offers a credit consolidation loan that you may qualify for if you are being turned down at other financial institutions. My wife and I used this, the interest rate is still there but at a much much lower rate.
2007-10-26 04:55:05 · answer #2 · answered by Pat 5 · 0⤊ 0⤋
You are going to need to seriously curtail your spending. You need to look hard at how you spend money and eliminate all unneccessary expenses. You might even need to move back in with your parents until you pay everything off.
There are companies devoted to helping people like you out. The trick might be finding one that will treat you fairly. What they do is consolidate your debt into a single payment at a high but more reasonable interest rate. They also make you do a budget and take all the other steps to fix your spending habits.
2007-10-26 04:56:02 · answer #3 · answered by jplrvflyer 5 · 0⤊ 0⤋
First you have to stop spending money, second you must pay your credit cards in full and then close most of them. You don't really need more than 2 credit cards and when you come out clean don't spend more than you can afford. Pay your balance in full each month!
2007-10-26 05:53:41 · answer #4 · answered by gonzo 3 · 0⤊ 0⤋
Cut up the cards so you can't run yourself into more debt.
Learn to live on what you earn. Get a second or even a third job. Do whatever you must. Be responsible.
2007-10-26 04:54:40 · answer #5 · answered by curtisports2 7 · 0⤊ 0⤋
Cut corners and cut up your cards. Stop spending on unnecessary stuff like coffee, fast food, etc. Don't do those credit counseling stuff they're a rip off. Pay off the lowest balance first so u can concentrate on the higher ones later.
2007-10-26 04:55:40 · answer #6 · answered by jmiller 5 · 0⤊ 3⤋
Read this series on articles on 'How to get out of the debt hole': http://www.usaindebt.com/2007/10/02/getting-out-of-the-debt-hole-part-one/
2007-10-28 03:19:40 · answer #7 · answered by Anonymous · 0⤊ 0⤋
Change your spending habits
Stop using all your cards
Transfer balances to Lower-interest credit cards
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http://www.bestcreditrates.net/
2007-10-26 20:28:15 · answer #8 · answered by Anonymous · 0⤊ 0⤋
you should have thought about it before using those cards....
2007-10-26 04:54:42 · answer #9 · answered by Anonymous · 0⤊ 3⤋
Heres and idea--- STOP SPENDING MONEY!!!
2007-10-26 04:53:25 · answer #10 · answered by ? 2 · 1⤊ 3⤋