Question by Ram S: Credit History/Loans?
I raked credit card bills when I was a student and my credit history is worsend. I currently have astedy job, work as an env engineer, and intend to pay it all and get back on track on credit., I plan to settle down by end of this year or so, I was hoping when I pay using debt consolidation or on my won , it gonna take long time to ay (atleast 5 yrs) and also the report stays on for atleast 7 yrs. Is there a way to get a loan to pay the whgole debt in full even if the interest rate would be high?? I dont have any collateral (property or so) , so please tell me if there is anyway to get a loan or clear it out?

Best answer:

Answer by normobrian
You can’t borrow your way out of debt. Just list your balances from smallest to largest and pay every cent you can scrape up on the smallest one while making min payments on the rest. When that one is gone, attack the second smallest, and so on. It will take a lot less time than you think if you live on a strict budget.

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Question by Mandy: Can bad credit and low income= housing?
My husband and I have been married almost 2 years. We make just under ,000 a year combined. I have approximatly ,000 in student loans that I cannot repay (they are asking over 00.00 a month and are unwilling to accept lower payments and we are now in a court battle). Our total debts (even with consolidations and payment programs) are more than 75% of our monthly income. We are trying to find an affordable apartment in our area but are unable. We make too much for “Affordable Housing Programs” and not enough for the regular rent. We are stuck. My credit is terrible, but my husband’s is ok. We were told by a friend at work that we can buy a house in the area for less than what these places are asking in rent. I looked into the properties and he’s right. Even with no money down and the interest rates… it is still cheaper than the snooty apartments. I am NOT looking for someone to tell me to “pay off my debts and stop living beyond my means”… I’M NOT! I am paying off my debts and I don’t do any spending that isn’t groceries, gas, and utilities. I want to know if anyone has done the “No money down, bad credit” style mortgages and what the pros and cons are????

(And FYI to the asshole who is probably going to leave me one of those “this is why the ecomonic base in this country fell off…subprimes…yada yada yada”… I don’t want to hear it. There are a multitude of factors of why the economy sucks and I am sure you were doing to something to help it along too. Stop judging other people!)

Best answer:

Answer by steveko777
Mandy–most rent to own programs are laden with fine print and you will just end up with another problem. Any deal that sounds too good to be true -usually isnt…and their are loads of predators that would love to bring you into their web.. You guys need to figure out why you are in this trap—-cut your expenses and debts–perhaps it is time to start the washer-and consider a bankruptcy… I am not trying to be an A-hole—but I know a lot of couples skating by on half the income you have….granted they rent too—but thats all they can afford in this climate ….

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Question by karkee07: Balance Transfer Credit Cards for Fair/Poor Credit….
I have about 3,000 in debt from credit cards and medical bills and and each card has a high APR and interest rates. I’ve been ha ving trouble making on time payments. I was thinking about transferring all the debt into one card so I can make one large monthly payment without so much interest. Is this a good idea. What is a good card or company to go with or should I talk to those debt consolidation people. I had my time of plastic crazy and want to get my credit rating back to were it was.

I also have student loans to apply for soon and was going to start paying the interest on those right away to save money in the long run.

What should I do? Thanks so much!
I work full time for a huge global company and live on my own and am 19 am starting school soon.

So of course money is going to be tight.

Best answer:

Answer by Kile
Fair/poor will not get you a good rate on anything. With 3000 you go out and work at McDonalds for a few months and then it will be gone forever.

Good luck.

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Question by alirealtor: Overwhelming credit card debt, but never late yet, what to do?
I have about ,000 in credit card debt. It’s a combination of lotsa medical debt and rolling over lots of other stuff. Don’t judge, I already know I’m in trouble.

I have NEVER been late on a payment (on anything, ever). The debt is spread over 5 cards and ALL BALANCES are at 3% interest or lower. The balances are such ,000, ,000, ,000, ,000 and ,000. On these I pay 0, 0, 0, 0, and 0 per month. I also have 2 other cards available with k limits each – in case balance transfer is suggested by someone.

With the housing market as it is, I cannot get a home equity loan to consolidate debt. I also have k in student loans.

My monthly bills are making it so I CANNOT make ends meet. Rather than have any missed payments or late payments, I put groceries and gas back on the credit card I’ve just paid on time. This is NOT RIGHT, but I don’t know how to stop this evil cycle I’ve gotten myself into.

I buy generic, cut coupons, conserve electric and water, and penny pinch like crazy. I pay extra on bills when I can, but that bites me in the ass when auto insurance or HOA dues come around and I don’t have any money saved and just end up putting those on the credit card again.

Any suggestions?

- I’ve always had a great credit rating, despite my credit card debt. I’m not sure if a consolidation loan or trying to settle on a few cards would be the best bet. I have no collateral to offer for a consolidation loan. I’ve already ebay-ed everything I can for some living expenses cash. And IF I could get a credit card to settle (which I doubt they would because I’ve never made a late payment), I have absolutely no cash lying around to pay the settlement amount…so prior to trying to settle, I’d probably want to get that cash from a totally different credit card and have it ready to pay the settlement amount.

ACK! What has happened to me?? Please help with good suggestions and not yell at me for falling into this mess – my stress level and health has already suffered due to this mess. Thank you.

Best answer:

Answer by Tim
stop charging on the cards.

If the interest is 3% or lower that is really low. Lower than getting a home loan. Just pay as much as you can on each one until they are paid off.

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Question by Ray C: Where do I start? Deep in debt and terrible credit, I finally have a new good paying job but is it too late?
I just finished college and I’m about 00 in the hole with credit cards. about 00 of it is in collections…but it’s not a third party collections company if that matters, it’s still within the credit card company. My grace period for my student loans (000) just finished and now requires payement. my credit score is in the 500s. Since I have graduated I have finally been able to make decent on time payements, but my interests rates are ridiculous and my payments aren’t doing much of a dent, I’m paying about 0 on my cards a month which half of it almost goes to interest. i can’t qualify for anything financial like consolidation loans…what do I do? im desperate and want to fix it…who do I go to? should I get someone to come in a straighten it out, or can I should I take care of it myself? my budget is tight with my other bills since i live alone and have to take care of rent, insurance, student loan payements, etc. on my own. I tried to call one of my credit card companies to lower the interest but they said I had to go through a debt consolidation company in order for them to lower it. is it best to go to someone?

Best answer:

Answer by abradley57
The only way to get your interest lowered, an possibly your debt, is to go through a credit counseling company. Check them out carefully though, because they’re not all the same and they don’t all do the same job. What they will do is negotiate a lower interest rate with all your debts. You will make one payment to them and they will make the payments to each of your debtors. You’ll pay them off faster than if you do it yourself. Another option os to go to an attorney that handles this. He can do the same or possibly better job. It just depends on his experience. Make sure whoever does it puts in writing what they are saying they will be able to do for you before you sign anything.

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Question by velocitysc43: What happens when you stop paying your credit cards?
So I’ve done some research and I know all of the consequences of walking away from credit card debt. But I am not sure what I should do. I know many people have asked this same question and were told to get credit counseling. I’ve also looked into that and most places charge a fee which I can’t afford to pay. I’ve also looked into debt consolidation loans, which I am not eligible for. I’ve even called my credit card companies and asked for a lower interest rate and was denied. I can’t afford to get an attorney.

This is my situation. I was young and dumb got a bunch of credit cards. I think I have about ,500 in credit card debt. I try to pay more then the minimum payment monthly but my interest rates have increased & I cannot afford the monthly payments. I also have student loans & a bank loan that I pay on as well. Those loans are obviously more important then my credit cards.

I pay on these cards and the balance never goes down. I don’t even use the cards anymore, it doesn’t make a difference.

Any HELPFUL suggestions or advice from personal experience is appreciated.

Best answer:

Answer by steven e
try a debt councellor.

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Question by angel3029: Balance Transfer onto a Credit Card?
I am a little over 00 in debt with small finance companies I would like to transfer them all over to a credit card and pay one monthly payment. Is there any credit cards that would help me with these finance companies? I have tried to get a debt consolidation loan but with my bad credit and having no collateral I keep getting turned down. I have seen people transfer personal student loans to credit cards with lower interest rates and was hoping to find a credit card company that would take over my small finance loans. I have a good paying job now but I just can’t seem to get ahead. Also please don’t refer me to debt consolidation agencies I have heard some very scary stories about them and don’t really trust them. Thank you.

Best answer:

Answer by kristin
I had this same problem. You will not be able to do anything really. It is a cycle that is hard to break. Once you have bad credit, it is very hard to turn it around. It takes alot of work and dedication to do it. I had to do a consolidation loan and I ended up paying more in the end. I would just keep doing like you’re doing. Pay as much as you can on each one each month.

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