How can I refinance massive unsecured debt?
I make around 120K (pre-tax) - and have for the last few years - but I have 80K in unsecured Credit Card debt that just jumped from 15% to 30% due to the new Credit Card Act! (and I called - they wouldn't lower it - my credit rating is below average) Is there ANY way to refinance this with AMERICAN lenders at 5-12% so I can stop sending my money to Saudi Arabia!?? So far the major banks want nothing to do with me - but ANY suggestions will be greatly appreciated!! I can last about 3 more months before declaring bankruptsy at this 30% rate - and I do not have any equity in my house - I'm a little underwater in fact. Surely with my Verifiable income there is some reasonable alternative - I looked into credit counseling and those scams seems unlikely to assist me. I am open to presenting my case to ANY lenders - online or Brick and Mortar...
Personal Finance - 2 Answers
Random Answers, Critics, Comments, Opinions :
1 :
There is a government organizaton - no profit National Foundation for Credit Councelling at NFCC.org They are free - max $25 per month depending on salary. They will put you in a DMP program. This can prevent you from being taken to court. They will work with your creditors, set up payment plans, and even perhaps reduce interest rates once the creditors know you are in this plan. Call the 800 number on the webste and set up an appointment with a local office. This federal website is by no means a scam. Option 2 Get a book on Debt / Credit Repair. These books tell you all the secrets of negotiating settlements with the creditors if you are in default. Once you pay all this off. Use credit wisely - use the card for things you need like food or gas and pay in full each month. More than 50% of Americans never pay interest on credit cards because they pay in full each month - be one of them! Do you have a 401K at work? You can take a hardship loan if you do - your credit card balances will qualify you. /
2 :
Obviously you need serious help
