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| *Loan,banking and credit>>>debt loan |
I owe 40k of debt. I can't do Bankruptcy, and I can't get a consolidation loan. Are there any other options? |
I can't do bankruptcy because it affects my wife's credit. My credit score is very very bad, so I cannot get a consolidation loan. I don't own my own house, so I am unable to get an equity loan. I'm running into walls here, and I need help. Thanks! Step 1. Pay your debts on time. Step 2. Organize your debts from least amount to greatest. Step 3. Pay the minimum amounts required on your debt except for the account with the smallest balance. Step 4. Pay at least the minimum on your smallest amount and as much as you can each month in addition until that card is paid off. Step 5. Take the entire amount of money you had been paying on your smallest account and apply it, per month, to your next account with the now smallest amount. Step 6. Lather, rinse, repeat. This will create a snowball effect and get you out of debt. I believe I got this from Dave Ramsey. There are other theories out there, but this one has a psychological effect to help keep you going as you're making visible progress to help keep it up. There are a couple of personal finance blogs that you can go to for further resources: http://www.getrichslowly.org/blog/... http://www.iwillteachyoutoberich.com/... http://www.daveramsey.com/ and the forums over at the motley fool http://www.fool.com If you decide to go the credit counselor route, be sure and pick a non-profit organization. All credit counselors are NOT the same and there are a lot of scam artists out there. Good luck! Source(s): http://www.getrichslowly.org/blog/... http://www.iwillteachyoutoberich.com/... http://www.daveramsey.com/ My advice would be to apply for consumer debt counseling. They have free programs available and may be able to help you consolidate. If you reach a roadblock there, try bargaining with your creditors for settlements. I dont know what state you live in...but there is a group that MAY be able to help you... Its called Consumer Credit Counseling Services... If you google it there may be a office around you.... This is the 1 800 number for Oklahoma..best of luck to you.... 1-800-364-2227 www.cccsok.org Get a second job and pay off the debt! Go to www.daveramsey.com for some very good advice on getting out of debt. Please be aware that there is NEVER a quick fix; to truly get out of debt takes 20% head knowledge, 80% behavior. And if you think $40k is a lot, there have been many listeners of Dave's show that have beaten over $100k of debt, and that's excluding their home! As far as you not being able to get a consolidation loan or declare bankruptcy, consider those two blessings in disguise. Hi, I used "CuraDebt" to consolidate my debt.They managed to reduce my debt up to 58%.It's legitimate.I came accross this company on NBC News Special Edition.Check it out here: http://flingk.com/ofil41m |
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