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I have about $90,000 in student loans and credit cards and I am struggling to deal with it all. Even with several of these in default status (slowly working on
by bherms 16y ago
I have about $90,000 in student loans and credit cards and I am struggling to deal with it all. Even with several of these in default status (slowly working on setting up payments here and there), do you think anyone would risk giving me a consolidation loan?
- patio11 16y agoCure the defaults first. The answer is "Yes, but it will be harder." Remember: there is no risk in giving you a consolidation loan. Heads they get money from you, tails they get money from Uncle Sam.
- mattblalock 16y agoThats basically how I feel...
- dedward 16y agoDo you think it will hurt you to shop around a bit? I mean there's no free lunch - a consolidation loan might cost you more than sorting the mess out on your own, but (no insult intend, please don't take it so) - you probably wouldn't be in this position if you had the correct set of financial practices in place to avoid it in the first place. Consolidation loans exist exactly to profit from this type of situation - and people are more likely to pay a single loan than they are one out of a dozen. A pile of loans is big weight to carry - a big mental burden. A single loan to get out of debt is still a burden, but it has a purpose and can be more manageable, and still profitable for those lending. Can't hurt to ask, right?