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Shanea333

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Debt consolidation service vs Small loan?
I'm 21, and have 3 credit cards from Capital One. I didn't have one late payment until this month, after I was laid off from my job and experienced some financial difficulty. I am the sole caretaker of my parents, so all of my money goes to their mortgage & bills, leaving nothing to pay my own debt. I currently have about $2500 in debt and don't want it to snowball and destroy my credit. I'm enrolled in capital one's hardship program, but it's not for long. Would I be better off with a debt consolidation service or with a small personal loan? I don't have much credit history and have a credit score that's low, so I'm afraid I might not qualify for a loan anywhere.

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Whoa!!!  Something is seriously wrong here!!  How did your parents qualify for a mortgage?  They had to have some source of support and you should be paying their mortgage and bills from that.  Local departments for senior and disabled services can help with that, and may have other resources to help. Since you are no longer employed, you won't be able to get any loan or consolidation because they want to be paid and you can't do so with no income.  Check out all available sources of help for your parents so you can also work on caring for yourself, too.

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Don't destroy your credit trying to help others even if they are family. You need to get back to work asap. There has got to be a job available in your area.

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