Question : Anyone know any good way to get a decent debt consolidation loan?
I want to get a debt consolidation loan, WITHOUT using my home equity, but they are telling me my credit score is great, but by ratio is too high. Well, I want to consolidate all the CC debt I have, but it's running me in circles. What's the point of trying to get a consolidation loan if they won't lend it to you because you have too much debt? Does anyone know of ANY bank or anywhere I can turn to that understands and can try and help me? Thank you for your help!
- asked by Brad M
All Answers:
Answer #1
Try using:
http://DebtAnswersNow.comI used theirservice a couple months back and they consolidatedall my debt and lowered my total debt about 25%.
- answered by jwizzo25
Answer #2
Use unsecured loans: If the equity in your home isnot adequate or you do not own a home, go for anunsecured personal loan. These loans are moredifficult to get, but once you are approved, youwill benefit from the lower rate of interest withthis type of consolidation loan. With the newbankruptcy law, breaking free from debt has becomemore difficult. Hence avoid getting caught in thedebt. If due to any reason, you are in debt,remedy the situation immediately. Though debtconsolidation loans charge lower rates of interestthan most other types of loans, there is a bigdifference in rates charged by various lenders.Hence research the lenders thoroughly beforeapplying.
http://debt-trap.com/category/Debt-Consolidation-Basics.html
- answered by Wor T
Answer #3
Brad;You say that you don't want to use your homeequity as collateral for a loan so I am going toassume that you own a home and have equity in it.If this is the case then perhaps you shouldconsider a home equity loan in order toconsolidate your CC debts at a lower interestrate. You will likely be able to further reduceyour monthly debt payments by stretching out theterm of the loan. In addition, if you live in theU.S. the interest that you pay on that home equityloan might be tax deductible. Find moreinformation on this here...
http://www.debt-elimination-guide.com/debt-consolidation-home-loan.htmlIf you don't have any homeequity then your options become limited. Your bestbet may be to contact your credit card company(s)and ask for a reduction in the amount of interestyou are paying as well as a reduction in theamount that you are paying each month. Most CCcompanies will work with you on this and you cansometimes achieve results similar to what you werehoping to achieve with a new loan. The credit cardcompanies would rather have less interest and aslower payback period than a total loan write-off.There are also companies that can help you withthis if you don't feel comfortable doing ityourself. In fact, some will give you a free debtanalysis before you commit to anything.There aresome other options available as well, but itdoesn't sound like they would be suitable for youat this time. If you would like a recommendationon a few good companies and information on otheroptions you can find that here...
http://www.debt-elimination-guide.com/debt-elimination-options.htmlRegardsBruce
- answered by Bruce H
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