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what programs are out there to help me...
okay long story short, my credit was shot(not of my own doing), my car needed alot of repairs, and well I wasn't sitting on any money, was renting an apt.
So i get a car loan, i then take a signature loan out on car loan. credit history improves and I'm able to get a home loan @ 6.5% I redo car loan into a signature loan and borrow $2 for repairs/maint on car/house etc.
I'm almost a year into the signature loan, its balance is around 8.5k @ 23% over with around 70 months left, paying back at $205/m. I desperately want to get rid of this debt. With the loan market the way it is, i can't seem to get this refi'ed.
I've made all payments etc on it, home loan the same, so I have a history over the last 5-7 years of being on time etc, just the old stuff still haunt me.
Anyone know if any of the stimulus packages can help me?
I've thought about taking a $2k loan against my 401k out(max i can atm) to pay down the the $8.5 to $6.5. The 401k loan would be at 5%.
I'd love to roll that loan into my mtg.. but given housing depreciation in my area, loan market etc. It seems an impossibility.
My goal is to not futz my credit up in the process, it's been a long hard road to get into the 600's from the 400's when I found out my mom took out credit cards in my name and maxed em out and stopped paying on them.
Asked by
jamesburt
1 year ago
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whoops trimmed the last part of my post off when i pasted this..
So if anyone has any ideas / suggestions / feedback on my ideas etc. I'd love to hear what the community thinks.
jamesburt 1 year ago
Don't borrow on your 401K unless you are facing bankruptcy or foreclosure. This is not a stimulus program but go to www.daveramsey.com and read the site. Since following his plan I have managed to pay off 44k of debt in a little over three years. Will be debt free except for the house in July of 2011 if not before then.
jte1958 1 year ago
Don't borrow on your 401K unless you are facing bankruptcy or foreclosure. This is not a stimulus program but go to www.daveramsey.com and read the site. Since following his plan I have managed to pay off 44k of debt in a little over three years. Will be debt free except for the house in July of 2011 if not before then.
jte1958 1 year ago
Thanks for the reply, seems i missed the email notification of a response 8(
Well ended up socking away 100 a month, should hasten the loan finish date to 2.5 years
I'll take a look at that site, I subscribe to the rss of lifehacker, fivecentnickle, and getrichslowly, be good to get more input on things of this nature...thanks
Hope you met your goal and pay off this month
jamesburt 6 months ago