Money problems?

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CUT UP THE CARDS NOW!

Try to pay slightly more than your minimum payments each month.

The balances will soon come down if you do not spend on them.

Money problems?

Hello Darren,

It is likely that if you have been refused by your bank and other major credit companies, you will find it very difficult to get the loan you want unless you can put up some sizeable and acceptable security. Your home foe exampe (if you own it or have a mortgage of course).

The only other way really is to borrow from a less reputable company, a loan shark.

But by doing this you will be jumping out of the frying pan into the fire because their interest rates will be far higher than those you are paying on your 2 credit cards and if you default, they are likely not to take it very kindly.

If you want to clear your existing cards and not use them again, my advice is to contact the companies concerned rather than try to get a loan to pay them off.

Tell them that you are finding it difficult to pay off your balance or parts of it as well as the interest.

A good credit card company will appreciate your honesty and may well freeze your account without adding more interest to it. All they will expect you to do is simply pay off the existing balance over a period of time.

This is likely to be far cheaper than getting a loan.

Good luck.

Poseidon

Money problems?

All you are doing here is getting yourself deeper in the mire, I have been there, and please dont get a loan out to pay for credit cards, if you do get one you will be paying incredibly high intrest rates, so you will never escape.

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Money problems?

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