Question


russell h

Will I be able to get into a better situation or will I have to struggle with mt existing debt?

I have twelve credit cards with about each one reaching over 75% of my credit limit. I am $35,000 in credit card debt. My highest interest rate is 24.99%. I would like to transfer some of the cards into a lower interest rate credit card or get a unsecured loan with better rates. It is hard because when I apply for a credit card I get rejected because they say I am keeping high balances relative to my credit limits. Is their anyway to get a unsecured loan with this negative information on my credit reports. Is their any place that would overlook this problem?

4 weeks ago - 0 answers

Best Answer

Chosen by Asker

In the current economy, you will be very hard pressed to find anyone willing to give you a $35K unsecured loan. Those 12 credit cards are killing your score. You may find more of those account increasing the interest rate and it is unlikely you will find any low interest deals out there. You really need to sit down and put yourself on a very strict budget. Elinimate all the extras -- eating out, new clothes, premium cable and internet, cell phone, etc. Take every penny you can squeeze out of that budget and throw it at the highest interest rate credit card, while making minimum payments on the rest. When the highest rate card is paid off, move to the next, till they are all paid off. Find ways to bring in more cash. Have a garage sale, collect alum cans, get a second job. Throw every penny at that debt. If you work at it, you could have that whole debt paid off in a little more than 2 years.

Source(s)

BD

by bdancer222

4 weeks ago

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