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 Posted: Sat Aug 09, 2008 7:33 pm Subject: Debt Consolidation |
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I owe $60,000 in charge cards from renovating my house. Because of my income to debt ratio being on the flipside, I am unable to secure a personal loan, home equity loan from my own bank. I have seeked another lender who does not follow guidelines and still cannot get a loan. I pay evrything on time and was only late on one mortgage payment but otherwise everything is good and my credit is good. I just need to secure a loan to consolidate my debt so I make one big payment a month and know I can pay this off within 5 years!
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sgrover10
Joined: 09 Aug 2008
Posts: 1
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phoenix
Joined: 14 May 2008
Posts: 867
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| Posted: Mon Aug 11, 2008 4:21 am Subject: |
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This is just my opinion but I would be very careful taking out a secure loan (which means they can take your house if you default) to pay off unsecure loan (which means they CAN NOT take your house). To me it is just too risky.
Are you having trouble paying the loans?? If so, have you contacted the credit card companies to see if you could work out a payment plan? Or if you have defaulted maybe you could try to settle the cards?
Just a few other suggestions.
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spatterson_40
Joined: 04 Jan 2008
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