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CountingUp

Close to going under water-shot down by every loan company.

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I apologize if this is addressed elsewhere but I am in a panic state right now and need some advice. I have gotten myself into trouble after having to move and get settled in to a new place. I am disabled and can afford about 250 a month in payments but my dumb self got into so much credit card debt that I owe about 350 a month just to make minimums. I have applied to just about every debt consolidation company and have been shot down by all of them. Some on the internet look too suspicious to even mess with.

 

I only have 3 negative marks on my credit and those are 5 year old medical bills. Everything else is about 10 lines of credit that show as paid on time. Somehow since my credit is so new and so utilized (100% in most cases) , my credit score is terrible. (580?)

 

Any help would be appreciated as I'm about to just go under water and start losing cards.

 

Thank you. Please go easy on me.

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By the way, sorry for forgetting to mention-I am in about 5000 dollars credit card debt. If I could get a loan for 5000 with 250 dollar monthly payments I'd be golden. Is there some magical company that would take a chance on me? I'm not worried about duration of loan or interest so much because the alternative would be ruining my credit for a long time to come. I would like to protect it.

Edited by CountingUp

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Are accounts past due ? Typically minimums are around 3% even with high apr (1% + finance charges) which would be closer to 150vs 350. Your creditors may offer hardship plans to pay off accounts and close them with reduced rates over 3-5 years which likely would be less than the 250 you can afford

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Not yet. I would say I have maybe a month or two left before I sink to being late on some. The actual total of all credit cards amounts to 14. Most have balances around 300, two of them 1000. The minimums range from 20 (Such as Discover) to 36 for Amazon.

Edited by CountingUp

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Do you have anything that you've purchased on the credit cards that can be returned?

 

Are you paying for cable, cell phone, a data plan, newspaper delivery, Internet access faster that 5 Mbps?  

 

Can you trim your food budget?

 

Do you have an extra room to rent out?

 

Anything you can sell?  Car?

 

Are you eligible for any public assistance that you haven't applied for?  Do you belong to a church that can help?

 

I am not asking for a detailed response...  just offering some ideas.

 

 

Edited by cv91915

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Appreciate any and all ideas. I'm currently paying 75 dollars a month for 5mbs internet. It is the only internet available where I live. Only other option would be some ATT cell type service that only allows 10 gigs per month. We would eat that up in a few days.

 

No to every other option. I'll look into rent assistance I guess. I can't believe no one wants to offer me a loan. I could make some company some sweet interest.

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17 hours ago, CountingUp said:

I can't believe no one wants to offer me a loan. I could make some company some sweet interest.

Bankers are more concerned about the principal being paid back, not necessarily the interest rate.

 

Paying $75 for 5 megs - you must live out in the boonies.

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21 hours ago, CountingUp said:

Appreciate any and all ideas. I'm currently paying 75 dollars a month for 5mbs internet. It is the only internet available where I live. Only other option would be some ATT cell type service that only allows 10 gigs per month. We would eat that up in a few days.

 

No to every other option. I'll look into rent assistance I guess. I can't believe no one wants to offer me a loan. I could make some company some sweet interest.

> 10 GB of data in a month is a luxury.  

 

The $75/month you're paying for Internet service is 75% of your current monthly payment shortfall all by itself.  

 

I would recommend an honest assessment of needs vs. wants.  It sounds like there's room in the budget to solve most of your immediate-term problem (read books from the library for entertainment instead of whatever you're doing with all that data).  I'd be surprised if there isn't another $25 somewhere that isn't going toward absolute necessities.

 

You also said, "we."  Who is the rest of "we"?  Is there another adult or older kid in the family that can take a part-time job to help? 

 

A loan isn't going to help your problem long-term, because taking on debt to repay debt results in ...  the same amount of debt as you had before. 

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