Over Your Head in Debt

What to Do When Drowning in Debt

Is there any company you know of that will actually help people with bad credit to get a loan.

I have gotten in over my head with payday loans and have had to close out my bank account.

I was paying close to $800.00 a month on re-financing charges which was eating my check up leaving me nothing to live on.

I just need a loan to pay all these off and get back on my feet. I'm looking at about $3500.00 right now.

Please help if you have any information that might help me.

Karen

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I really don’t think you are approaching your problems from the right perspective. You obviously have trouble handling credit and getting new credit is unlikely to help you “get back on your feet.”

You have to change your way of life and cut debt out of your life forever. As you well know, it can eat you alive.

I would suggest you look into getting a higher paying – or second – job in order to increase your income.

Also cut expenses to the bone. Get rid of the cell phone and cable service. Cut out restaurant meals and any thing else you can live without.

If you have any assets that are worth anything sell them. Get rid of the car and take the bus.

It is unlikely that you will get any affordable financing now, especially if you don’t own a home with some equity. Getting a $3500 loan with an interest rate of around 30% and heaven knows what fees, is not going to be of much help.

All I can suggest is to go to the Financial Services page. You will find many lenders willing to lend to bad credit risks. Or contact local finance companies to see what terms they will offer.

You'll probably find a lender willing to lend to you, but whether it is worth the cost and whether it will really be of any help to your overall financial health is for you to decide. You have to learn to cut out debt and live within your means.

It's not easy, but it's not impossible.

The day you wake up debt free will be one of the best days in your life.

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