Posted on
October 14, 2009
at
12:14 pm
i have nearly $8,000 of debt on an unsecured personal loan. the interest rates are out the roof and i can hardly keep up with monthly payments. what can i do to pay off that loan? i don't know, should i apply for a secure loan with a lower interest rate? or what other options do i have?
Posted on
October 14, 2009
at
7:33 pm
If you are to apply for a secured loan with a lower interest rate, that would add to the debt problems that you already have. Paying off a loan with another loan is not really the best idea in the book. It may serve as a short-term solution to your debt concern, but for the most part, you'll be paying another set of fees and interest on top of the interest rates that you're currently worrying about.You can consolidate your debt either by enrolling in a credit counseling debt management plan.
Posted on
October 15, 2009
at
2:41 am
Can't you file for bankruptcy to reduce debt, too? I think that can help you also.
Posted on
October 15, 2009
at
3:02 am
Bankruptcy has drastic effects on the credit report and may not be able to help him out in the long run. It will take 7-10 years before a bankruptcy notation would be removed, depending on the chapter filed for.Besides, it's too small a debt amount to file bankruptcy over. He still has other options that can help him.
Posted on
October 19, 2009
at
1:44 pm
hey thanks for your advice...i definitely would not like to file for bankruptcy because of the effects that it'll have. i guess i'll have to look into purple's cow advice and learn more about a debt management plan.thanks for your advice and help.
Posted on
October 20, 2009
at
1:22 am
How much will I have to pay the debt management company if I choose to apply for their services?
Posted on
October 20, 2009
at
1:24 am
Reducing debt on an unsecured loan - credit counseling (Debt Management Plan)Since the debt is below $10,000 it would qualify in the DMP program which lasts for 5 years. The consumer just has to make sure that he/she can maintain regular payment in that span of time. Credit counseling does have a high drop out rate.
Posted on
October 20, 2009
at
1:41 am
Hi, Jayben! What you can also do is log on to DestroyDebt.com and fill out a form on the main website. You will be matched with a qualified provider from there, and the service will also be free.Good luck on your endeavor!
Posted on
October 20, 2009
at
3:45 am
How much will I have to pay the debt management company if I choose to apply for their services?If you're referring to fees, you'll have to pay $25-30 approximately for a non-profit company. Working for a for-profit may be much higher.
Posted on
October 22, 2009
at
4:20 am
Don't you think getting an unsecured personal loan is such a dangerous thing to do? I mean with all the money that you would end up paying after getting a loan to pay other loans... Tsk tsk...
