PostHeaderIcon Anyone know any good way to get a decent debt consolidation loan?


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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!

3 Responses to “Anyone know any good way to get a decent debt consolidation loan?”

  • jwizzo25 says:

    Try using: http://DebtAnswersNow.com

    I used their service a couple months back and they consolidated all my debt and lowered my total debt about 25%.

  • Wor T says:

    Use unsecured loans: If the equity in your home is not adequate or you do not own a home, go for an unsecured personal loan. These loans are more difficult to get, but once you are approved, you will benefit from the lower rate of interest with this type of consolidation loan. With the new bankruptcy law, breaking free from debt has become more difficult. Hence avoid getting caught in the debt. If due to any reason, you are in debt, remedy the situation immediately. Though debt consolidation loans charge lower rates of interest than most other types of loans, there is a big difference in rates charged by various lenders. Hence research the lenders thoroughly before applying.
    http://debt-trap.com/category/Debt-Consolidation-Basics.html

  • Bruce H says:

    Brad;

    You say that you don’t want to use your home equity as collateral for a loan so I am going to assume that you own a home and have equity in it. If this is the case then perhaps you should consider a home equity loan in order to consolidate your CC debts at a lower interest rate. You will likely be able to further reduce your monthly debt payments by stretching out the term of the loan. In addition, if you live in the U.S. the interest that you pay on that home equity loan might be tax deductible. Find more information on this here… http://www.debt-elimination-guide.com/debt-consolidation-home-loan.html

    If you don’t have any home equity then your options become limited. Your best bet may be to contact your credit card company(s) and ask for a reduction in the amount of interest you are paying as well as a reduction in the amount that you are paying each month. Most CC companies will work with you on this and you can sometimes achieve results similar to what you were hoping to achieve with a new loan. The credit card companies would rather have less interest and a slower payback period than a total loan write-off. There are also companies that can help you with this if you don’t feel comfortable doing it yourself. In fact, some will give you a free debt analysis before you commit to anything.

    There are some other options available as well, but it doesn’t sound like they would be suitable for you at this time. If you would like a recommendation on a few good companies and information on other options you can find that here… http://www.debt-elimination-guide.com/debt-elimination-options.html

    Regards

    Bruce

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