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Posted in Paying Your Bills
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jt1998

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Swimming in Debt
Because of a lapse in employment, I now have additional debt. I would like a consolidation loan to help reduce the debt and keep the payments more affordable. Before the job issue, we were doing well with the credit card balances.
I applied to Lightstream and was told the debt to income was too high.
Any thoughts about what I can do?

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Cut out all needless spending

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until you have the balances lower.  If you have been denied for a consolidation loan then the only option is pay off as much as you can and reapply in 6 months. Monitor your scores and don't apply until you are confident that you will be approved for a new loan.   6 months of on-time-larger than minimum payments should help significantly.

Good luck

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