Need some Credit advice?

Okay to make a long story short, I%26#039;m 24 now, I had very good credit since I was 17. I had 8 grand car loan for three year period that my Mom cosigned with me, I was the premier if it matters. This was when I was 19, I paid it off in two years. I was doing really well paying my two credit cards each month, usually alot more than the minium payment. I also had a previous credit card that I paid complete off but canceled it after. Well I ran into legal trouble which forced me to start using my CC to pay my bills. Long story short I%26#039;m $3500 in CC debit, have some missed payments but have been trying to get them paid off, but with interest rates of 25-30% its not going to well. I%26#039;m not sure where my Credit ratio is at cause I havent looked at this year yet, I need to get a car soon but want to pay my debit off first before I get more debit. The credit cards are the only debt I have, but I%26#039;m suriving on my salary and supporting me and another person. Should I take a loan out to pay off?

Need some Credit advice?

You can try contacting a bank and try for a loan to consolidate your credit but with so much open credit you may denied. You could also try working with a company that can help reduce your debt try lendingtree.com. How about a second job?

Your final step would be to contact a lawyer usually they have free initial consolidation and maybe he/she can point you in the right direction.

Good luck

P.S. I was in somewhat the same predicament as you with $40,000+ in cc debt and paying my bills with cc then paying my credit cards with my paychecks, I was working 2 jobs. Because the interest rates were so high and the debt so large my only option was to go the bankruptcy route and yes I realize that my credit is going to be ruined for years to come but I have definitely learned my lesson and now I%26#039;m getting on track.

Need some Credit advice?

If u can find a loan and qualify for a lower Interest rate then it is probably a better idea.

if u cannot i would contact your credit card Compnay and tell them ur situation. Most CC companies will work out a deal were U cannot use the CC anymore and maybe reduce ur Interest so it is more managable to pay. They do this because

X amount times Interest is better then u getting a loan and paying off the X amount with No interest gained. So u may think that they wont do u a favor but truth is if u scare them they will rip u off less :)

Need some Credit advice?

As somebody else mentioned: take out a loan as soon as possible from your local bank (%26lt;10%) and pay off the credit card debt (of %26gt;16%). Do it now before you default on a payment or the debt runs higher. As soon as you get a bad credit history only your closest family will lend you money; don%26#039;t let it go that far.

If you do internet banking you can usually get a quote from your bank online without having to chat to anybody. If they won%26#039;t give you even 鎷?500 you might be in trouble already, in which case you should ask your mum to help you out again. There%26#039;s nothing worse than getting deeper into credit card debt. No shame in asking for help as long as you%26#039;re man enough to pay back.

Need some Credit advice?

$3500 in nothing to worry abt. It is a lot easier to provide an advice if the income stream is known. Having said that U can negotiate with the CC company for a low fixed repayment at lower rates. Bear in mind that taking another loan to payoff the CC will incur additional cost such as processing and oher fees. Discuss it with your CC company.

Once done it is possible for you to obtain the car loan.