secured and unsecured loans
Date: Tue, 11/20/2012 - 15:25
Hi. We are getting married next week and have been applying the financial peace debt snowball and budget plan...just have too much debt to get it rolling. We just transferred $7,000 of our higher interest credit card debt to 0 APR for 12-18 months (total of 4 credit card accounts). Now, if we can just consolidate the remaining debt (combination of 2 secured high interest loans and one unsecured loan lower interest loan and 2 high interest credit cards) into one low interest loan and lower our monthly payment, we may be able to assure that we can pay off the 0 APR before the deadline. We are maxed out every month and unable to continue to live like this and if one things goes wrong, we are out of options. We just had a scare when our tenant called and said the furnace wasn't working. Saved from having to purchase a new one or just let the house go because there is NO WAY we can afford one, but now we have yet another bill that will go in the pile of the other misc bills that we can't pay because of all of our debt. My question is, is it possible to obtain one loan at 7% or less that would encompass the $6,000 second mortgage at 12.45%; $8,000 auto loan at 16.99%, $3,715 credit card at 13.24% and last credit card of $1,350 (13.9%)?
Secured debts cannot be consolidated. As for the other half of y
Secured debts cannot be consolidated. As for the other half of your question, low interest consolidation loans are a possibility but you would need to have a good credit score to be approved for one.
No one is going to lend you at the rates you are asking for unse
No one is going to lend you at the rates you are asking for unsecured. Your second mortgage isnt even as low as what you are looking for and that is secured. You need to do some major budget adjusting and/or find additional income like a second job.
