Please can you help

maxwell12_2

I've just applied through my bank to get a loan to consolidate my existing credit cards and thus reducing my monthly outlay by quite a large amount but i have been rejected, can anyone advise me what i can do now, i'm getting to the point where there is gonna be more going out than comming in and i thought this would have made a big difference:o

nomoneytoday

You can do a number of things.
The first should be to get over to the DFW forum and cut your outgoings

tom188

You cant borrow yourself out of debt, as above I suggest you go to the DFW forum.

xgingerx

tom think your statement of "you cant borrow your way out of debt" is a little too simplistic, however if i understand rightly borrowing money to consolidate debt at a lower apr which Im sure it would be is an acceptable solution to pay off your debts as per martins tips. At least it is one way of paying an amount which is comfortable and also reducing your debt as credit / store cards you never seem to clear , again if you do this you must be very strong in that you dont borrow more money than you already have outstanding and that you then bin all store / credit cards so you dont rack up any more debt, if you can do this then consolidation is a good route.

tom i understand what you are saying as the other option is to snowball your debts but by the sounds of it they have no surplus cash to throw at the debts


Suggest you post a SOA on the debt free board and someone will help you work this out and see where you can free up some cash

All the best

maxwell12_2

hi people thanks for your advice i'll get onto your suggestions