$33,000 debt, no assets
November 28th, 2012 by Questions
I owe a rounded total of $33,000 spread across three credit cards, a line of credit and one retail credit card. With my income and expenses I can only afford to make the minimum payments on all the debt. At this rate it is going to take decades to pay off the principal. I have cut all my expenses to the minimum possible and there is still nothing left over at the end of the month. Frequently I bounce between overdraft and zero balance in my bank account. I called my bank and asked for a consolidation loan and was offered a $12,000 loan at 14%. As this interest rate is higher than my LOC and one of my cards (I have a card at 0% until July at which point it will jump to 18% and I won’t be able to afford even the minimum payments anymore) it didn’t make sense to take it and I turned it down. I was told to not bother asking for another 8-10 months. What can I do to pay this off faster? Should I try a different bank for a loan?
Posted from: Alberta