by March 24th, 2010. Filed under: Personal Finance.
s.tarryn asked:
I have a lot of debt (credit cards, student loan, mortgage) but a decent credit score (about 690). I have never missed a payment but i cannot get approved for a consolidation loan because I have “excessive financial obligations”. We haven’t owned our house for very long so there is not much equity in it yet. We are paying out the nose on our cards and I just want to lower the payments so we are not living paycheck to paycheck. Does anyone have a suggestion?
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I have a lot of debt (credit cards, student loan, mortgage) but a decent credit score (about 690). I have never missed a payment but i cannot get approved for a consolidation loan because I have “excessive financial obligations”. We haven’t owned our house for very long so there is not much equity in it yet. We are paying out the nose on our cards and I just want to lower the payments so we are not living paycheck to paycheck. Does anyone have a suggestion?
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Filed under: Personal Finance
March 25th, 2010 at 3:33 am
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pay off the debt, what creditors look at is your debt to income ratio, if you owe more in debt than you make, you will surely get turned down
March 27th, 2010 at 6:06 am
Create a video blog…instantly.
Not everyone may agree to this, but if your car is paid for and you hold the title, you can get a secured loan where you’d have to give up the title of your car, though you’d get a lower interest rate. You get the title back once your loan is paid off. An unsecured loan will charge a higher interest rate, so if you make on time payments, the secured loan may be suitable for you.
March 30th, 2010 at 3:48 pm
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A consolidation loan does not help.
It merely transfers debt from one guy to another.
Have you tried budgeting your money?
Take out a piece of paper, and write down everything that you plan to spend money on next month, and how much.
There are things you can cut out of the budget, if you’re serious about not wanting to live paycheck-to-paycheck.
For the cost of a single meal at a casual restaurant ($12-$15), you can buy enough beans and rice to feed yourself for a week.
April 1st, 2010 at 9:15 pm
Create a video blog…instantly.
Yes, you can get Bad Credit Loan.
A bad credit history is like having contracted an infectious disease. At least this is what most lenders perceive. Any requests for personal loans by people with a bad credit history are generally declined.
But there is a way now, you can apply for Bad Credit Loan.
Here are some best lendrers in this Category.
April 2nd, 2010 at 7:30 am
student loan consolidation
I’m guessing your student loan has a pretty low interest rate, so I wouldn’t even try to consolidate that. Same for your mortgage and any car loans (if you have them). Those are secured debts (the lender has something to foreclose on), so the interest rates are generally lower than you’re likely to get on an unsecured consolidation loan.
For the credit cards, however, a consolidation loan could probably bring down your interest rate and save you quite a bit of money.
I’d look into (For the record, I’m a lender there). It’s like eBay for loans. You state the highest interest rate you’re willing to accept, and lenders bid on your loans. The lender (or lenders) bidding the lowest interest rate win. If you get enough bidders, your loan is fully funded and you have 3 years to pay it off.
The catch? Stop carrying balances on your credit cards! Use a Prosper loan to get yourself out of trouble – don’t use it to just dig a deeper hole for yourself! If you use Prosper, send me an email and I’ll consider bidding on your listing.
Good luck!
April 4th, 2010 at 12:42 pm
student loan consolidation
if this under the business name try