I'm planning to pay-off 5 credit cards with total balance of $25k. It's like whatever I'm paying every month goes towards the Interest and my principal remains same. I heard Unsecured Personal Loans are one of the best options but where should try ?? My Local Bank or Credit Union ??
Most of the Credit Unions have special requirements to become a member.. Does anyone know the credit union where someone can just make a donation and become a member ??
I'll greatly appreciate your help!!
Wed Aug 03, 2011 12:36 am
coaster Senior Advisor
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Credit unions don't take donations, they take deposits. There are many credit unions where the membership requirements are very easy to meet, like all you have to do is live in a certain area. Just keep looking around.
I wouldn't give you too much hope on getting an unsecured loan for that much, though.
Wed Aug 03, 2011 6:23 am
artwest Member
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Pay off your credit cards smallest to largest. That way when you get your smallest cc paid off, you can apply that payment to your next smallest and get that one paid off. Continue with that pattern until you have all 5 paid off.
You may have to look at your budget and cut some things to free up money to pay these off. Another idea may be to have a rummage sell to get some money to throw at these.
Thu Aug 04, 2011 7:55 pm
jamesdaniel New Member
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Visit local Catholic charities to consult a credit counselor who will help you get back on your feet if you cannot avoid getting payday loans. Many payday places offer discount coupons and better interest rates.
Fri Aug 05, 2011 10:48 am
gussie New Member
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Bear in mind that the loan rate of interest changes regularly so what anybody is offering at this time might be different another day.In order to avoid further damage to your credit and to make sure that you are entering into a good deal with a good lender, it is essential to make sure that you understand the obligations for this loan in plain language.
Mon Aug 08, 2011 5:49 am
eastmn Senior Member
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Try calling them and trying to work something out as far as reducing the balances to something affordable (reasonable).
Dollars & Sense Article: Robert Manning Consumer Finance Expert;
His "Responsible Debt Relief Formula" Write down debt to meet
realistic income/expense ratio, therefore avoiding bankruptcy.
Settled at 37%
http://www.youtube.com/watch?v=IM0DhBj-5y8
Mon Aug 08, 2011 12:43 pm
euniceB New Member
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You may have to look at your budget and cut some things to free up money to pay these off.
Mon Aug 15, 2011 8:22 am
keshavmish Full Member
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For people in need of extra credit, a personal loan is often one of the first choices to consider. Personal loans can provide finance for whatever you want, be it a car, home improvements etc. They also provide the ideal solution for paying off existing debts in one go, providing you find a loan with a good interest rate. Here are some things to consider when choosing personal loans.
Wed Aug 17, 2011 1:05 pm
DarrelCornell New Member
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It is very important to t that some lenders will charge you a penalty for repaying your loan in the beginning this can be up to 2 month's interest or more.
Sat Aug 27, 2011 5:56 am
teena.robert Preferred Member
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Personal loans are usually costly but they are very useful, when you are not able to provide any guarantor then you can borrow an unsecured loan. There is no risk of this with an unsecured product, but it is worth remembering that any failure to pay on time will adversely affect your credit rating, making it harder to borrow in future. You are also likely to be hit with late payment charges.
When I first became a member of my credit union back in 1986 I had to make a donation to the Fire Department and that is how I got in. The name of the bank is Richfield/Bloomington Credit Union. Things are very different these days.
Risk comes from not knowing what you're doing. (Warren Buffet)
Wed Aug 31, 2011 1:41 pm
Paula6 Member
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You can apply online for unsecured loans and can get easy approval within few hours of your application.
Fri Sep 02, 2011 5:03 am
globaldoc2001 Senior Member
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I got myself into trouble when I used my credit cards irresponsibly. I thought it was just that simple. Now I learned, and I do not use my cards anymore.
Fri Sep 02, 2011 6:08 am
Ferida03 First Time Poster
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Hi to all, This is a great post; it was very informative advice about the personal loan. I look forward in reading more of your work.Its helps to all peoples I enjoyed every moment of reading it.
