In Debt!

[instylz]

The title says it all. I owe about 8,000 in credit card bills. I've never been late at all for any payment since I established credit (I'm 21 now). The reason why I started this thread is because I want to get some sort of loan to pay it all off then just pay the loan off itself. I'm sure the apr would be less then what I'm in now. I tried to get a loan through my credit union and they denied me stating I have not had credit history established long enough and my balances to amount of credit is too high. This is exactly why I need the loan. I was careless and I accept that but most of the spending was done a long time ago. I just want to be able to pay off and actually see something come off the balance. I also do not want to tarnish my credit with debt consolidation. Is there a loan company out there that will give me 7-8k? And more importantly, how hard will my credit get hit while shopping around? I do not want too many inquiries made. I also have an auto loan that may hurt me. I owe 17k on that but never have been late. Thanks a lot guys.

 

[aolj]

Whoa, you're in a lot of debt. I don't think you should take more loan to pay off that debt. Stop shopping around and start paying off more of your debts. Once you're done paying, only then you can start shopping.

Try consolidating your CC debts.

 

[boyRacer]

Originally posted by: aolj
Whoa, you're in a lot of debt. I don't think you should take more loan to pay off that debt. Stop shopping around and start paying off more of your debts. Once you're done paying, only then you can start shopping.

Try consolidating your CC debts.

lol thats what he meant

 

[Epoman]

Try calling one of the Credit card companys and asking for a Card with a 8,000 limit tell them you want to tranfer high rate balances to this card. Depending on your history they may do it, But not likely. Try talking to a supervisor or manager.

 

[DaveSimmons]

Most of the CC loan companies are scams, even the non-profit ones. The "non-profit" ones are companies set up by scammers to trick you into arranging loans through them with a for-profit partner company owned or controlled by the same people.

So you get a CC consolidation loan through Happy Nonprofit Debt Helper but the loan paperwork is really with Tony Soprano's Pay or Kneepcapping.

You best option is probably to cut way back on spending and pay down your balance, and keep an eye out ofr a low-APY CC with a balance transfer option. Even if you get the new CC, still keep expenses down since you are 25K in debt.

 

[tec699]

$8,000 ain't sh*t. I say steal mo money from your parents and let it all ride on black. And there.. no mo money problems.

 

[Lvis]

An easy way would be to take advantage of those checks the credit card companies send out. If your credit is good, no doubt they offer some very attractive rates. Maybe even 0% interest for a few months.

 

[sandmanwake]

Apply for a credit card that has a 0% balance transfer. MBNA has two promo's going on right now that allow's the balance transfer for 1year at 0%. 1-800-437-0180. Use offer code HGW1 (World Points card, 10% cash back up t0 $25/month on any purchase for one year) and HGW4 (Master card with 10% cash back on grocery, restaurant, and hardware stores). The fee to do the balance transfer is 3% up to $75 max. Because you want to do a balance transerfer of $8k, there's a good possiblity they'll give you a credit line high enough if your credit is decent. After you do the balance transfer, don't charge anything on the card for a year and just pay off the balance. Otherwise, your payments will go towards paying the balance transfer and not the higher interest purchases.

Discover and Citibank also have 0% balance transfer for life of the transfer cards that might be tougher to get. You're required to make a certain number of purchases per month though. Buy two sticks of gum a month and that's it. Interest on a few dollars shouldn't be too bad.

Make sure you actively make more than 2x's the minimum monthly payment with MBNA (usually only $15 for me) and work towards paying off the balance and MBNA will allow you to get better cards and bigger lines in the future.

 

[Chu]

When you ask for the loan, specifically tell them that it is to pay off your CC debt. It makes a difference.

 

[instylz]

Thanks a lot guys I really appreciate the help. If anyone else has any other companies I can try and or suggestions please add. I love this community!

 

[tk149]

If you can't get a loan at a good rate, you might want to consider an interest-free balance transfer. I got a new card from Bank One, transferred $6,000 to it from my other credit cards, and got zero interest for 6 months. Then they gave me another 6 months with zero interest. I paid it all down over 11 months, and never paid any interest at all.

There was an initial transfer fee, but that was pretty small compared to what the the interest would have been on $8000.

 

[Indolent]

Do you have anyone willing to cosign with you, like your parents?

 

[desiplaya4life]

hey bro i was in debt of 2k (while i was having job problems, my parents coverd my car bills/expense = $2k and i dont think they are looking forward to get that money back either:\) all in all dont feel bad just accept it and try to find a solution.

i wish u goodluck

 

[alrocky]

Do not use your CCs at all any more until you are debt free. (In the future pay your CC bills in full every month. If you cannot do so you are spending beyond your means and are asking for trouble.) Consider asking for a smaller loan, say $4-5K instead of the $8. If rejected for a loan you are entitled to a free cc report, otherwise it's about $9.

My brother borrowed $4.5K saying he'd rather pay me the interest than the CC companies. He was a good risk and paid in full a few months ago.

 

[desiplaya4life]

Originally posted by: alrocky
Do not use your CCs at all any more until you are debt free. (In the future pay your CC bills in full every month. If you cannot do so you are spending beyond your means and are asking for trouble.) Consider asking for a smaller loan, say $4-5K instead of the $8. If rejected for a loan you are entitled to a free cc report, otherwise it's about $9.

My brother borrowed $4.5K saying he'd rather pay me the interest than the CC companies. He was a good risk and paid in full a few months ago.

aw thats cool !!! it would take alot of trust for me to hand down 4.5k even though they are my blood... but money is no object i think at same time when it comes to family matters..


if u have a car that is on finance, i would sell the car if u really want to get out of debt and get it later on