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Question By
twc0005

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Consolidating Debt?
Hey,
I recently got in a rough situation and had to utilize a large portion of my credit cards, and shortly thereafter I was laid off. I have accumulated quite a bit of debt and am utilizing near 100% of my available credit line. This of course has plummeted my FICO from about 750 to a low of 649 (or less by now).
The amount of credit card debit is about $5k, I am a college student that had good intentions to use my credit responsibly but I've learned a great deal from my mistakes. Interest rates range from 22.9 to 15.99. I am 21, thus have little to no collateral to borrow against so it leaves me with taking out a personal loan, paying the cards down, and keeping their use to a minimum. This would raise my credit score substantially, but how would I go about obtaining a loan for this? Local credit union, a debt consolidation company?
I'm able to make the minimum payments on all the cards currently but I would like to bring my utilization down to near 0%

Any suggestions on obtaining a loan to consolidate the debt?

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You could try Prosper.com and see if anyone would fund your request.

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