my husband an i are in debt, about 19,000.00. we want to get a loan for that amount. now we pay about 1,900 a month not including our mortgage and food and gas and basic utilities. we make 4700.00 a month. but most of it goes to late fees bounced check fees and payday loan fees. we are approved for this loan but we have 48 hours to think about it. it is unsecured and the apr is 6.99%. the monthly payment is 500.00 a month for 4 years. should i do this it will pay everything we owe.leaving us with the mortgage and gas and lights and food and gas for the cars. i really do not know if this is the answer. please advise!!! thanks for reading. katherine.
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Sounds like you have a control problem.
First, stop cashing your checks before you get them.
Second, stop writing checks if no money is in the account(my paycheck will get to the bank first does not cut it).
Third, $4700.00 a month should be plenty to pay off this account of $19,000.00.
Fourth, $19,000.00 divided by $2,000.00 pays this amount off in about 10 months.
If you cannot live on $2,000.00 a month then you are to far out of your income range and out of control.
06.18.08 11:09 pm EDT
If this is a debt-consolidation loan, then this is absolutely the best thing to do. You will have a low interest rate, and much lower payment than you are paying now. And if you pay extra each month, or make at least one extra payment a year, you can pay it off a lot sooner with less interest paid out.
Good luck!!
Go check out a Dave Ramsey book now from the library. Try Total Money Makeover
I have no idea about this loan without reading the fine print. You need to stop living on more than you make and stop making dumb decisions worse by getting bad loans. Stop borrowing money. Get on a budget.
Hi,
I used “Credit Solution” to settle my debt and avoid bankruptcy.They managed to reduce my debt up to 58%.It’s legitimate. Icame across this company on NBC News Special Edition.Check it out here:
http://click.linksynergy.decenturl.com/credit-solutions-credit-consolidatio