HELP Would I be able to get a loan from my credit union to consolidate my rather high (8,000) credit card deb?
First off, I am a full-time college student. Ok, here’s my situation–I’m a little over ,000 in credit card debt. My monthly payments from all my cards combined add up to about 0, and every one of my cards (with the exception of one at 8%) have rather high interest rates (19%, 20%). Most of them are pretty close to being maxed out. Having to make these payments is really hurting me every month. I would like to consolidate all of my cards through a loan from my credit union. HOWEVER, due to having a bill that has been out in collections (0 electric bill) for the past 3 months, my credit score has gone down. I know you’re prob gonna say just pay it because it’s only a 0, but wouldn’t even be able to pay that right now without ultimately cutting myself short at the end of the month. Would this mark on my credit inevitably prevent me from being able to secure a loan through my credit union?
Also, if that wouldn’t be able to fall through, do I have any other options at all? I am pretty stressed right now about finances and would really appreciate some educated/experienced advice with this type of situation. First hand experience with this would probably offer me the best advice to this predicament–what did you do to get out of debt? Is bankruptcy even a good option, or is my debt small enough to where there’s still hope for another alternative? Please respond to this i am desperate to get out of debt! Thanks a lot in advance.
First thing to do would be to talk with the credit union, they are the only ones that can give you an answer to this. The danger of this plan is many people then realize that they once again have credit available and go ahead and use those cards and get even further in debt and in an even worse situation. And yes you as so many others will end up doing this. So make a payment on your credit card then use it to pay the electric bill buys you a month and gets it off your report. Next pay the minimum on most cards and double on the one you owe the least on till it is paid off, then take what you where paying there and add that to the next one will take time but you can pay them off
July 2nd, 2010 at 2:14 pmThe only way to know for sure is to ask them. It is a reasonable plan if they are agreeable.
July 2nd, 2010 at 2:14 pm