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.
Get Out of Debt Guy -
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