Credit Advice

Have a question? Have advice to share? The combined knowledge and experience of everyone in the Credit Karma community can help you. Enter your question or help others below to get started!

Question

Posted in Credit Cards
Profile Image

Question By
Crazyindebt

0 Contributions
0 People Helped
I have too much debt what can I do?
I want to get a loan to cover all of my debt including cars credit cards and house. Is this a good idea? Are there any places I can get a loan like that?

Your Credit Scores Should Be Free. And Now They Are.

View your scores and reports anytime.

SIGN UP NOW
All Responses

Result 1-1 of 1Results per page: 5 | 10 | 25Page 1 of 1   Previous | Next
Top Contributor
7347 Contributions
3806 People Helped
Most Helpful Response

Think this over.

Helpful to 2 out of 3 people

One of the first concerns for anyone is having shelter.  Most home loans are at 5% or less and that is far less than the majority of regular consumer loans.

Transportation is another priority.  Buying a brand new vehicle is not the smartest idea since the market value drops almost as soon as you drive it off the lot.  Buying a vehicle that is 1-2 years old is smart since someone else "ate" the depreciation and you'd be getting a vehicle that still will be good for as much as 10 years, with proper care.  If you have more than one car, do you really need that second car or can you sell it (check Kelly Blue Book online) and put that money towards the credit cards.

Credit cards are likely your biggest problem and you may be overusing them.  If you could get a card that charges zero interest for a year you may be able to consolidate the credit cards and pay off their balances in that time.  It would require you NOT use your credit cards but don't cancel them.  Just put them in a lock box.

FYI-If you were to try getting a loan to pay the house, cars and credit cards and you defaulted, guess what?  You'd LOSE the house and cars and still have to pay the debt because you'd have to put them up as collateral to secure the loan.  NEVER risk you house to cover some stupid credit cards, and that is what you would be doing with your proposed "solution."  Trim down your expenses, decrease use of credit cards, possibly sell the second car, get a second job.  That would be the better idea.  

Result 1-1 of 1Results per page: 5 | 10 | 25Page 1 of 1   Previous | Next

Your Credit Scores Should Be Free. And Now They Are.

View your scores and reports anytime.

SIGN UP NOW

Reply to this Question

Write your response:
Enter Your Comments

The Credit Advice pages of the Site may contain messages submitted by users over whom Credit Karma has no control. Credit Karma cannot guarantee the accuracy, integrity or quality of any such messages. Some users may post messages that are misleading, untrue or offensive. You must bear all risk associated with your use of the Credit Advice pages and should not rely on messages in making (or refraining from making) any specific financial or other decisions.