I have about 12,000 in credit card debt? help?
Answers:
you can again enter the mainstream credit market.
Bad credit debt consolidation loans are of two types:
1. Secured bad credit debt consolidation loans:
These types of bad credit debt consolidation loans are secured by a collateral usually some property or a guarantor. Since, the lenders find something to bank upon in case you default on payments, the interest rates on secured bad credit debt consolidation loans are cheaper, the lending amounts are higher and the repayment period can be long.
2. Unsecured bad credit debt consolidation loans:
Persons who do not have anything to offer as the collateral or security, can take unsecured bad credit debt consolidation loans. The lenders find themselves at increasing level of risk while giving such loans. The existing bad credit situation and lack of a collateral, make them charge high interest rates and offer low loan amounts to offset the risk involved. Read more from: http://www.credit-card-gallery.com/credi...
try scissors.
Only declare bankruptcy if everything else fails. Try calling a debt consolidator. They usually can work out decent payment plans. Or try mailing off whatever you can afford. As long as you are paying SOMETHING, companies are usually good. Even if it's like $20/month.
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