I Need a Friend to Give Me a Loan So I Can Stop Pawning Stuff

Question:

Dear Steve,

Credit card debts and past due bills need a loan 21000 dollars seeking second job credit cards have lower my credit score. Trying to make arrangements with the credit card company. I need some money now. I got denied for a loan. My second job search is slow.

I need a friend to help me. Time is running out. Sold some items and pawned some while still searching for second job.

Gail

Answer:

Dear Gail,

I certainly hope you find that second job soon. But don’t the answer might not be to keep selling things and pawning items. That just rides a slow train to the bottom.

Quite possibly the reason a legitimate lender won’t give you a loan is that you are a big credit risk in your current situation. The hardest time to borrow money is when you need it out of desperation.

Your major options for dealing with problem debt are:

  • increase your income, which you are trying to do.
  • reduce your expenses, which it sounds like you have already done.
  • eliminate your debt, typically with bankruptcy.

You should find a great local bankruptcy attorney and discuss eliminating your medical bills and other debt in a Chapter 7 bankruptcy. That is the least expensive way out of debt in the shortest period of time. It will also allow you to rebound faster and rebuild a solid future financial foundation.

If your instant reaction to this advice is bankruptcy is a last resort and will ruin your credit, then read this and this.

Sincerly,
Steve

You are not alone. I'm here to help. There is no need to suffer in silence. We can get through this. Tomorrow can be better than today. Don't give up.


Damon Day - Pro Debt Coach

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