Posted on February 23, 2010 at 2:43 am I'm in debt and need of a loan -- however somebody advised me against it & did not elaborate- what are my other choices?

Posted on February 23, 2010 at 3:49 am hi there In Debt and in need of a loan - whomever gave you the advice againstobtaining a loan is just looking out for you - especially if your credit is bad and yougot a bad deal (meaning that the interest on your loan is high). It's the lenders prerogativeas youre considered "high risk" - what are ur other options? Professional debt relief programs.

Posted on February 23, 2010 at 4:10 am Re: in debt and in need of a loan - or not. I agree with Desmond, there are debt reliefprograms that you can look into - depending on your debt amount and account status.If you are current but are having a tough time with the payments because of high interestrates - you can enroll in  a Debt Management Plan and have those negotiated down.Credit counseling agencies run this plan - and if they're able to have the creditors say yesto their proposal (lowered interest rates, terms of payment..etc),you'd be able to get to your principle debt much quicker. The program runs for 3-5 yearsso make sure also that you have a steady stream of income.

Posted on March 10, 2010 at 11:27 am Yup, that person was looking out for you, agreed- WHY take on more debt to eliminate others? Thats just doesn't make much sense. Try working with a certified credit counselor for a free consultation to see what debt elimination option is best for you based on your financial situation and long terms goals with your creditors. Michael