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mannbrat

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i try to get a consolidation loan to have fewer payments going out but im turned down. why??
I always pay my bills on time but it would be nice If I could pay one big payment to a personal loan instesd oy five payments for - some are 200 and some are 100 dollars a month I would rather pay400,00 a month on one loan but I always get turned down be cause im in debt to far------ Now isn't that the perpose for getting a consolidated loan in the first place????? at the rate imy credit cards are eating me up in interest and I will never get out of debt with out help

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Yes that is the purpose of the consolidation loan, however, it doesn't mean you have the right to a consolidation loan. The best strategy at this point is to call your highest interest line of credit and ask them to lower the interest rate telling them that they are thei ghiest rate. rinse and repeat witht eh other cards. Then you need to come up with a repayment plan. The first step is to find out where your money honestly is going. The second part is to pair down your bugdet. Rent, utilities (btw switch to cheap prepaid phone plan if you can), food, transportation and a minimal entertainment (cancel tv  and watch free stuff on hulu? or maybe just netflix?). The difference needs to go into making up an emergency fund and then go to repayment. From your budget, you should know how much you have available to repay debt. Pay the minimum on all accounts to keep them current except the card witht eh highest interest rate. On the account with the highest itnerest rate, pay as much as you can.  When you pay off the highest interest rate card, do not close it. Instead jut roll over what you were paying to it to the card which now has the highest interest rate. Every 6 months call the credit card companies and ask for lower interest rate to help you repay the debt. 

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