Debt consolidation

[Apol]

Hello, I hope Im in the right forum for this question.

I apologize if I am not.

Heres my problem: As of right now, I am approximately $47,000 dollars in debt. $30,000 of that is in credit/loan debt. The other 17 being in a car note.

I do not own a home so a second mortgage is out of the question.

My question is, how do I go about the best way to get this paid off? Credit cards are maxed out and I am being charged overlimit fees, etc...which in turn is killing me. I have ran my credit reports and do not have any derogatory statements/late payments/judgements.

I do however have a huge debt to income ratio that is killing me and Im at the point where I cannot pay it all month to month.

Is there companies out there that would possibly do a unsecured debt consolidation for this large of an amount? Consolidating all these with a decent APR would drastically drop my payments.

Any other possibilties besides bankruptcy or Credit Counseling services which would hurt my credit?

Thanks in advance for any and all advice!

[Ravenous Wolf]

In a nutshell, you are screwed.

Bills consolidation loans have always been a bit nutty because of a circular logic. If you are swamped with debt, you need to consolidate your credit into an easy simply loan. But in order to qualify, you need to have a terrific credit score. Alas, if you didn’t have your terrible debt load, then you could qualify with a good credit score. Well, if you could qualify with a good credit score, then you would not have your big debt load.

It sucks big green donkey [EXPLETIVE DELETED]!

Your best bet is to go the credit union route. Their threshold for approval is much lower than a traditional bank although you may not get approved for the biggest amount you need.

You actually need TWO bills consolidation loans each for about 24k each. Most financial institutions will not loan more than 25k for 60 months but you ought to try credit unions for smaller amounts. Once you can get the revolving credit out of the picture, it may be a bit easier to eventually get bigger loans.

Now here is a sneaky but bad way to go about this. And this is the path of last resort when all other options have failed.

I am in the same situation although I have had some of my debt accidentally removed from TU. Banks and credit unions who use EQ and EX routinely deny me credit because of my debt load. However, TU removed three positive trade lines that are around 12k including a maxed out 10k credit card debt. All of a sudden, it is now a lot easier to get approved for stuff with an outfit that uses TU. And my TU score is like 50 points higher.

Right now, I have two bills consolidation loans of 10k and 15k respectively. Naturally, I want to combine them along with the other debt and I may end up doing that in the near future.

I am not advocating trying to get your positive trade lines removed but if worst comes to worst, that may be the only way to get approved for such a loan.

This is a terrible approach but it has helped me in securing bills consolidation loans that I otherwise would not be able to get.

[Apol]

Thanks for your response.

Im not so sure what you mean by being sneaky and having my "positive trade lines" removed.

I do however understand the credit union approach. Im not to worried about consolidating my car loan. It has a low interest rate (5.5%).

Not including that puts me at about 31k.