Need help getting a loan to pay off credit card debt! Help?
Were trying to get our finaces in order and trying to get out of debt. Our main problem is Credit Card debt. We got stupid and opened up a few credit cards and now our credit looks horrible. Our credit scores are OK in the high 600’s. We just recently tried to get a personal loan to pay off our outstanding debt but we’ve been turned down b/c of debt to income ratio. It’s really high b/c of the credit cards. My question is, is there any other type of loan we could look into getting that would help us pay off those debts and us only have one payment? We do own our home and have another 3 months in it and we will have had it for a year. We are thinking of trying to refinace our home and get money that way.. is that a good way to go??? Please only answer if you know what your talking about.. i know that we have to change our spending habits and all that so please dont come at me with all that. Thanks!!!
Your credit card debt is not the problem. It is a symptom of the problem.
well the only way you’d be able to get a home equity loan is if your in your home for at least 1 year, which i’m sure you know. it does take a while for all the paperwork to process, so maybe you can start applying now, and when your year is up you can close. only other option i can think of is contacting the credit card companies and trying to get them to reduced your interest rates. they may or may not, but it’s worth a shot. i wish you the best!!
You simply need a debt consolidation loan. get the loan and pay back the credit cards and then cut them up. Accept one of course for emergencies. My profile under debt has more information on this.
You may be able to refi your home and take out some cash to pay off the debt. If you have equity, the lender will consider that you are paying off the credit cards and factor that into your debt ratios.
You may need to look at an interest only loan to qualify, just understand what your options are.
Not sure how much debt you have, it is an important factor.
You shouldn’t refinance your home -
You should look into a debt management counseling agency in your area.
They can review your cash flow and try to work out a payment plan with your creditors, helping you to get out of debt.
Creditors usually offer concessions of lowering their interest rates &/or waiving any fees if they agree to the proposals which helps you get out of debt within a positive time frame.
hope that helps and good luck.