Advice please!!

Susie52

I have very high credit card debts, I wanted to get a loan to consolidate them as I'm only paying just over the interest at present. I have been turned down for a lot of loans as I have no more credit available. Any advice on how to get a loan now?

marliepanda

Don't. That would be my (and I imagine most others) advice.

You have probably been turned down as it would take your debt to an unaffordable level. Yes you say you will pay off other debts so won't actually change your debt level, BUT you could. You could get the loan and spend it all and now have double the debt. Responsible lending practices won't allow this (it's usually 1/2 your salary is the max)

So don't get a loan. You'll only end up getting one with a ridiculous rate. Rather, post a statement of affairs to help people help you to make cut backs, and use the snowball calculator (if you know your APRs etc, give it a google) to work out which debt to pay down first. That way you can do it without taking out additional credit.