PostHeaderIcon Debt (consolidation, loans, what?)?

I’m relatively young and in my short trist with credit I have managed to get myself in some trouble. I have a car loan and a large credit card balance. I need to consolidate and if at all possible get a lower interest rate. I don’t own a home and like i said I have a car loan so I can’t offer that as collaterol. I am really lost and I just need some advice on what to do from here. What are my options? What loans are available? What companies that offer consolidation legit? What can I do? It has taken me months just to finally admit that i need help and that my debt is starting to overwhelm me. Please Help me!

6 Responses to “Debt (consolidation, loans, what?)?”

  • laura says:

    I did a Debt Consolidation with 2 different Banks or loaning instituitions. I believe your bank or any bank that you trust have Consolidated loans. I know the best kind for the interest rate would be a Credit Union. If you can get one. Also I went through CitiFinancial. They are legit. There interest rate was high, although maybe once you start to make that one lump sum payments, maybe you can pay it off early and or go with another lending branch to pay that consolidated loan just to help you out right now. Its not forever. Good luck.

  • shayne t says:

    i’ve been there and now have a credit score of over 800.
    get a written budget. cut expenses, from cable, to mcdonalds, clothes etc. sell stuff. bottom line, get current. take an extra job, even if it is only 100.00 a wk, it helps, mow yards, baby sit, whatever. do it. i paid off 60k in debt in about 9 months that way, sold stuff, budget, extra job. you can do it. no need to panic. start w/ debts from smallest to largest no matter interest rate and pay them off once essentials (food, shelter, clothing, transportation in that order) are taken care of. don’t con-solidate, it’s a con, don’t do it, doesn’t solve the problem of bad spending habits.

  • See Saw says:

    A debt consolidation loan or debt loan is a method to repay all debts incurred by overuse of credit cards, overdrafts, personal loans, store cards, or any other unpaid bill and allows you to make a single monthly payment. It is a viable alternative to bankruptcy and is an excellent method of bettering your payment history, leading you to a debt free future. The reason to choose the debt consolidation loan is pay lower rate of interest. Paying only one creditor is much more convenient. You can pay your creditors on time and prevent them from threatening you.

  • pretty d says:

    Below link might help you.

  • James H says:

    This could be of help. Worth a look anyway.

  • abel jarrod says:

    Bad credit debt consolidation loans are quite popular with those with poor credit history. If your loan application is rejected by a lender, bad credit debt consolidation loans are there to help. If you want to repair your credit history by repaying a loan, which has simple terms and low monthly installments, again bad credit debt consolidation loans are for you. They save you after rejection and help you regain your financial credibility, so that you can again enter the mainstream credit market.

    Bad credit debt consolidation loans are of two types:

    1. Secured bad credit debt consolidation loans:

    These types of bad credit debt consolidation loans are secured by a collateral usually some property or a guarantor. Since, the lenders find something to bank upon in case you default on payments, the interest rates on secured bad credit debt consolidation loans are cheaper, the lending amounts are higher and the repayment period can be long.

    2. Unsecured bad credit debt consolidation loans:

    Persons who do not have anything to offer as the collateral or security, can take unsecured bad credit debt consolidation loans. The lenders find themselves at increasing level of risk while giving such loans. The existing bad credit situation and lack of a collateral, make them charge high interest rates and offer low loan amounts to offset the risk involved. But, a person who has a bad credit and cannot provide a collateral has little choice, but to take these high interest loans. At least by repaying these the borrower can rebuild his credit history. Read more about it at:,Get_over_bad_credit_problems_with_bad_credit_debt_consolidation_loans

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