|HubPages Device ID||This is used to identify particular browsers or devices when the access the service, and is used for security reasons.|
|Login||This is necessary to sign in to the HubPages Service.|
|HubPages Traffic Pixel||This is used to collect data on traffic to articles and other pages on our site. Unless you are signed in to a HubPages account, all personally identifiable information is anonymized.|
|Remarketing Pixels||We may use remarketing pixels from advertising networks such as Google AdWords, Bing Ads, and Facebook in order to advertise the HubPages Service to people that have visited our sites.|
|Conversion Tracking Pixels||We may use conversion tracking pixels from advertising networks such as Google AdWords, Bing Ads, and Facebook in order to identify when an advertisement has successfully resulted in the desired action, such as signing up for the HubPages Service or publishing an article on the HubPages Service.|
Would a personal loan improve my credit?
Thinking of consilidating my credit card debt into one loan. I am thinking this is the best for me paying my debt down.
You can raise your credit only by reducing your debit or gaining a benefit that would increase your credit. In your case, since the personal loan would do neither but consolidate your debits and open up your credit card, there is every chance that you increase your debits rather than improve your credit.
It can be a feasible option if handled very carefully. First you would have to qualify for a personal unsecured loan and that is very difficult for consolidation. The bank will look at your debt that you need to consolidate and be concerned at your spending habits and it may disqualify you for a loan.
If you can secure the loan, get a low interest rate and destroy your credit cards, it may be a good idea. A better idea is to keep all payments up to date, and add any extra you can to pay towards one card. Once that card is paid off, cut it up, and apply any money you paid towards that card to the next card debt and so on.
Sign up for online payments on your cards and if you even get an extra $10 bill, go online and pay it against the one card you are paying off first.
It can be done, I got an extra job and applied all the money to card debt and got out of debt and stayed that way (that is actually the hard part - staying out of debt - but it feels good)
I have to agree with Jayesef with regard to consolidation.
I declared bankruptcy back in my early twenties (about 13 years ago or so) so I know all about trying to get your credit back up! It takes time and can be difficult.
I would suggest contacting the credit card companies and asking them for a lower interest rate (don't take no for an answer).
I would also suggest getting a detailed report of your credit score that lists everything affecting your credit score. You might be surprised to find items on your credit history that are bringing it down and/or should have been removed.
If you are able to, try the snowball method of paying off your debts. In other words, decide to pay off the debt with the smallest amount outstanding and in the meantime only make the minimum payment on all other debts until it is paid off. Try to put down as much as you can afford each month to pay it off quickly! Then take whatever you were putting towards paying off that debt and move it to the next one and so forth. Paying off outstanding balances on credit cards will improve your credit rating (and make you feel better too)!
Always strive to make all your payments on time (defaults on any loans or credit cares will negatively affect your credit score).
I would also suggest that you take a look at your expenses (bills, etc) and see if you can save some extra money here and there (can you live without cable? can you get a cheaper phone/internet service? etc.,) even look to see where you can save on groceries, eat out less often, bring a lunch to work, etc. Whatever you save, put some or all of that towards paying off your debt.
As long as you make paying off your debts a priority and tackle smaller debts first, you can really make a difference in getting yourself out of debt and improving your credit score.
Debt consolidation CAN work, but realize that you can dig yourself a bigger hole by paying off the credit cards with the loan and then while you are paying off that loan, start racking up debt on your credit cards again. Then you will really be in trouble! If you do decide to consolidate, I recommend getting rid of all your credit cards, save one (with a low interest rate), immediately after you pay them off to make sure you don't incur any more unnecessary debt.
all u have to do now is to contact gareth loan corp wit:firstname.lastname@example.org
by jervey6 years ago
What is the qualification for a personal loan?
by Elena8 years ago
I have been searching for the Highest Paying Adsense Keyword list for the UK and can't seem to find it on the internet.I have the Highest paying Keyword list for America, it would just be nice to have one for Europe.Has...
by MrMoJoRiSiNg5 years ago
Where can I get a personal loan without bank account...?
by clonjaz7 years ago
I would check out your local Credit Union. It would probably be your best bet.
by Msoriano7 years ago
How can avail of a $15000 personal loan if I was declind by other lenders?I tried to apply for a personal loan on one of the lending companies. I was 100% funded but they sent me a message that they cannot release the...
by Wendy Iturrizaga7 years ago
HubMob Weekly Topic: Getting Out of Debt
Copyright © 2018 HubPages Inc. and respective owners.
Other product and company names shown may be trademarks of their respective owners.
HubPages® is a registered Service Mark of HubPages, Inc.
HubPages and Hubbers (authors) may earn revenue on this page based on affiliate relationships and advertisements with partners including Amazon, Google, and others.