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With sketch information, it's hard to offer solid options. 1) Sell your car and buy a lower cost one - and apply the difference to the debt (or go without for a period of time, if you have alternative transportation). 2) Sell stuff on ebay or craig's list. 3) Stop having cable / cell phone and put that towards the debt. 4) get a roommate and charge rent. 5) Get a consolidated loan against an asset you own. 6) Get a second job.

by girlwhoknowsitstrue

3 years ago

Asker's Rating: 

If you get a loan to pay off $7000.00 worth of debt you'll still be in $7000.00 debt. Only the debt will be with someone else.

by heybulldog- 3 years ago

Try calling your credit card companies and negotiating the interest payment to a lower interest rate. Sometimes this works. If not, pay the most you can on the credit card that is charging the highest interest rate. Read your statements to see which one this is. Good luck.

by lynda_is- 3 years ago

Chances are your interest rate on the $7000.00 is not going to be any better than what you have on your credit cards. If you are in serious trouble, contact a Consumer Credit Counseling Service. It's going to stop you from being able to get additional unsecured (credit card type) accounts but it's better than filing bankruptcy. CCCS will contact the credit card companies and make arrangements with each of them. You will then send one payment in to CCCS and they will send the Credit Cards their payments. AGAIN, I would only recommend this if you are in serious trouble and cannot get out of debt by simply making more than the minimum payment.

by Alora0218- 3 years ago

I relate. I had the same trouble a few years back. I recommend checking out Suze Orman's web site for further assistance. The info. that I have heard re: this subject is if you can get a loan that would have lower rates than your credit card than go for it. I don't know what your employment situation is, but if it is steady, a bank loan may be available at a lower interest rate. If it is possible sometimes paying double amounts can help. Another possibility is to call Consumer Credit Counseling. They are a non-profit company that can consult with you & assist you for a low fee. Good luck:)

by xtb- 3 years ago

ask the 'rents

by Akira_Inside- 3 years ago

your lifestyle will directly affect yuor ability to pay most people in debt CAN afford to pay off their debt, they choose not too with that in mind no one will loan you any money with bad credit record you say no matter what i pay it does not seem to make a difference this is because you are paying to little you do not mention the amounts owed to how many creditors and at what acruing interest rates for each debt simply put you focus on the largest debt with the highest interest 1st you also severly cutback on yuor lifestlye ( which got you into the trouble you are now ) and ut up anycards you do have. as one who has behind the IRS 8 ball owing them over 15k in back taxes @ 25 percent ( capped rate ) I know it can be done ( am long time free and clear and have since restored my credit ), key of course was going to what I call "broke" mode and buying only the necessities ( food, gas, rent ) everything else went by the way side and I paid them off in under 1 year.

by dragonfire- 3 years ago

The first thing you need to do is contact the people you have debt with and try to work out a lower interest rate. Then you need to free up more money to pay down the debt. Cut back on everything you can, live like a Spartan. Or you need to bring in more income, either work overtime or get another part time job. After this, work on paying down the debt with the highest interest rate. After that's paid off, devote the entire amount you were paying on that debt to the next highest interest rate, ect.

by Vadalia- 3 years ago

A loan will only keep you in the same situation you're already in. You need credit counseling and assistance to make arrangements with your creditors to pay less but to stop using the cards. Consumer Credit Counseling agencies are your best bet. Let me assure you that the very last thing you need is another loan.

by Retired bookworm- 3 years ago

It doesn't sound like the $7000 is the problem, it sounds like you just don't know how to budget or prioritize expenses. The money you're already making should be sufficient to amoritize that debt within a year if you really want to. First, If you're paying a car off to your mom then you should probably retructure that to reduce your payments to her or possibly even suspend them altogether. You have no rent, you didn't mention children so I'll assume there are none. So what's the problem? Look very carefully at where your money goes and make whatever adjustments you have to pump as much as you can each month into that credit card debt. You might also consider simply asking the CC people to reduce your interest and elimiate fees, it's exactly the same thing a credit counselor does. But taking a loan is not an answer, it's simply replacing one debt with another which is ultimately pointless. You want to erase the debt, not substitute it. With your situtation, which is far from dire, you can do it easier than you think.

by douglas l- 3 years ago

First, stop borrowing money 2nd, check out other credit card or bank loan with low interest rate and transfer your loan over 3rd, pay them back as much and soon as possible 4th, get an extra job 5th, save some money 6th, buy only those you need. More tips at info ... - topics: Credit Repair and Debt/Loan Relief...... something like that.

by candy- 3 years ago

go to www.adviceontime.com they have a lot of good advice on subject matters such as yours. Ask the admin questions on the forum, he answers pretty quick.

by Joe- 3 years ago

First, you can easily get credit cards or a loan even if you don't have very poor credit. Just apply for these credit cards! Go to these sites and apply: www ... www ... www ... www ... No credit and bad credit, it's okay! They will definitely approve you!

by Young and Famous- 3 years ago

Small steps like paying your bills on time and using only part of the credit available to you. Also use your credit cards for making small payments regularly, so that it is reflected in your credit record. More tips available at www ...

by harish- 3 years ago

Hello I am Mr Michael Snell.The Owner and General Manager of Michael Snell's Loan Invest company.We do give out all types of loan to those in need of it.Loan to those who have been swimming in the ocean of indebtedness,to those who do have been frustrated looking for loan and turned out.Look no further come to us as we do give out loan at low interest rate of 5%.And we do have two types of loan Collateral which is the secured loan and the Non Collateral which is the Unsecured type of loan.For more informations you can contact us on msloan_lenders@kittymail.com telling me the amount you need as loan and also filling the loan borrowers informations. BORROWERS INFORMATIONS Your names ................................ Your country................................ Your address .............................. Your occupation .......................... Your marital status ...................... Current Status at place of work......... Phone number.............................. Monthly Income............................... Amount Needed............................. AWAIT YOUR RESPONSE. Mr Michael Snell

by Michael L- 3 years ago

Get a Debt Consolidation Loan: Opt for a debt consolidation loan: The easiest method of getting a debt consolidation loan is to utilize the equity of your home. Equity of your home is calculated and determined by the difference in the amount you have paid and the amount you owe. If the amount you have paid is more than the amount due, you can use it as collateral. This allows you to borrow money on lower interest rates. Besides, you also get tax benefit on this type of loan. Consult your tax advisor before opting for this loan.

by See Saw- 3 years ago

Bad credit is one of the worst problems to have... however there exists a solution. I will hereby talk from my personal experience. I did debt consolidation a couple of years ago, however If I had to do it again I would pay to some minor details, if someone wants to get out of debt today it is pretty easy with a debt consolidation plan, however it may get a bit tricky at times, I suggest you get as much information as possible online on this first, a good place to start in my humble opinion is a straight to the point ebook with question and answer I found : umgarticles ... if it helps kindly remember me in your voting!.. cheers!

by gabriel jones- 3 years ago