PostHeaderIcon I need some helpful advice, I have a loan that each month over half my payment goes just for interest,?

I am just wondering what kind of options I have, I do work full time and am desperately trying to pay off my debt, however with interest rates that I have it’s near impossible. I don’t have any one who I can get to cosign to get a better rate, and My personal credit score is not very good. Consolidation doesn’t work because I don’t have enough unsecured credit. I just want to know if there is any options available to help me.

4 Responses to “I need some helpful advice, I have a loan that each month over half my payment goes just for interest,?”

  • shiprepairwoman says:

    Add a few dollars to each payment. My mortgage is the same way. 900 to interest and 600 to principal so I understand your problem.

  • Jeanie says:

    You can call the company and ask if they will reduce the interest rate. If you have been paying on time the may help you out. But if you only pay the minimum it will always take a long time to pay off the loan.

  • Paula M says:

    I would call and ask for a TEMPORARY rate deduction….if you are current with them they might work w/ you…..

    Otherwise, you need more income…..deliver pizzas…weekend shifts at McDonalds….remember it’s not forever….lose the cable/lower your cell phone package….and maybe by Christmas…you will have a better handle on things.

    Also, do you have smaller debts that you could pound away to free up more money toward this one….Maybe you should focus on getting rid of smaller nuisance debts and take those payments to apply toward the big one..

  • stella m says:

    Hello dear,if you really need a legit lender,i will advice you go striaght to FEDERAL LOANS INC.they are the poeple that help me out after i was scammed by some hudlums that call themselves money lenders.they give out loan at 3% interest is their company mail think they will help

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