Call each company and explain your situation. They can sometimes create payment plans without interest to help you get back on track faster.
This is the trap they want you in. I found a zero-interest loophole, but now they’re cutting my credit lines. It worked for a while, though.
I went with a consolidation loan and let my credit take a hit. It cut my monthly payments from $1,000 to $250.
Tavi said:
I went with a consolidation loan and let my credit take a hit. It cut my monthly payments from $1,000 to $250.
Who did you go through, and how much did it affect your credit score?
Find a part-time job. Even a little extra income can make a big difference.
Look into a debt consolidation loan or get a second job to help cover payments.
Elliot said:
Look into a debt consolidation loan or get a second job to help cover payments.
Do these loans show up as ‘debt consolidation’ on your credit report? And can you keep your credit cards after taking out the loan?
@Kai
Yes, you can keep your cards, but you have to be disciplined. Pay them off with the loan, and don’t max them out again. Budgeting is key.
SoFi helped me a lot when I was in a similar situation. Might be worth checking out.
You could donate plasma, sell things you don’t need, or apply for a personal loan with a credit union to pay off your cards. Cut up most of the cards but don’t cancel them—it’ll hurt your credit score. Use one for essentials like gas and groceries.
If things are really bad, consider sharing your space with a roommate to cut costs. Take on extra jobs like Uber or delivery apps, and keep your spending as low as possible.