consolidation loan good idea?

Date: Tue, 06/14/2011 - 11:26

Submitted by awoodrow
on Tue, 06/14/2011 - 11:26

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Total Replies: 4

Hello everyone, im new to the site but have read some very good advice on here.Anyway my question is this im currently trying to get a $15,000 personal loan to consolidate my debt. Unfortunately my debt is all in personal loans from a family member and my mother.I am currently paying them each $200 per paycheck $400 total every two weeks. this leaves me with enough money to pay my bills and eat and buy gas to go to work.Obviously im beginning to feel the strain of not having any extra cash . the upside is these loans are being paid back without any intrest.So should i continue to suffer it out until they are paid off or would getting a more manageable monthly payment be better even though i would then be paying interest on the money?

You are not going to get an unsecured loan for $15k...just aint

You are not going to get an unsecured loan for $15k...just aint gonna happen.

Have you thought of picking up an part time job to give you more available cash??/

lrhall41

Submitted by SOAPLADY on Tue, 06/14/2011 - 14:10

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This is true, the chances are, that you won't be able to get an

This is true, the chances are, that you won't be able to get an unsecured personal loan in this economy. Have you considered applying for a 0% apr for 12 months credit card. If your credit is solid, you have a shot of getting a decent credit line, it might not be 15k, but a 10k card sounds reasonable to obtain.

lrhall41

Submitted by eugeneg17 on Wed, 06/15/2011 - 03:44

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The chances are that you won't be able to take out an unsecured

The chances are that you won't be able to take out an unsecured personal loan, but, you should consider a 0% 12 or 15 months credit card. If you have a good credit, than you should be able to get a 10k credit line.

lrhall41

Submitted by eugeneg17 on Wed, 06/15/2011 - 03:48

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well my credit is ok 680 and i have a cosignor so i might be abl

well my credit is ok 680 and i have a cosignor so i might be able but thinking now i might just cash out 401 for the 15 but of course that will end up costing me huge fees and taxes. the agency i work for does not allow outside employment due to my on call status. thanks for the advice though

lrhall41

Submitted by awoodrow on Wed, 06/15/2011 - 06:28

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