Loan to Pay Off Debt?

[melissa0218]

Hi,
I have bad credit my score is 514 last year I had a major operation which but me out of work school ect. I didn't receive any type of assistance during this time. Just my mom whom paid my car payment and cell phone. I know this is no excuse but my bills have gotten out of control I haven't paid them since March. I am now healthy again and got a new job im ready to get myself back in control but I dont know what to do im so lost. I have less then ten grand in credit card debt but I also have ten grand in school loans. I will be graduating college in a year. So at that point i will be making alot more money.

Anyways should l try to take out loan to pay off these debts and pay the loan off. If so how do i get a loan with poor credit.

Im sorry any ideas would help.

[chane]

Originally Posted by melissa0218

Hi,
I have bad credit my score is 514 last year I had a major operation which but me out of work school ect. I didn't receive any type of assistance during this time. Just my mom whom paid my car payment and cell phone. I know this is no excuse but my bills have gotten out of control I haven't paid them since March. I am now healthy again and got a new job im ready to get myself back in control but I dont know what to do im so lost. I have less then ten grand in credit card debt but I also have ten grand in school loans. I will be graduating college in a year. So at that point i will be making alot more money.

Anyways should l try to take out loan to pay off these debts and pay the loan off. If so how do i get a loan with poor credit.

Im sorry any ideas would help.

Hello Melissa,

No, the last thing you should ever do with a score of 514 is think about taking out a loan. More than likely, you would more be denied and the credit inquiry would hurt your scores even more. If you were to get a loan, the interest rate would be so horrendous that it would make it even harder to pay your bills, thus leading you in a downward spiral even further and further in debt.

I recommend learning all you can about repairing your credit and paying off your debt. My favorite expert is Dave Ramsey. Read his book, take his course, listen to his radio show, watch his tv show. You will pay off your debt very fast and find financial peace with his methods.

You can learn how to repair your credit at the link below. Start now. Don't wait until you need a loan.

Beginner's Credit Information - Credit Repair Forums

Good luck and let us know if you have any questions!