How do you get a loan if you don’t have a house, and you are on SSI, and your credit isn’t the greatness .

There’s an old saying that you cannot borrow your way out of debt. If you bills are medical, the last thing you would ever want to do is convert them to some other type of debt by getting a loan.

Medical bills are the easiest to work with. Take your time and send them what you can every single month.

If your car is paid for you could use it as collateral, but see if you can do it without using the car, only because they might require the most costly collision insurance on the car.. You actually aren’t in a bad position if you have a guaranteed set income, and you can show that your payments are achievable. A $ 2800 loan shouldn’t require $ 200+ a month; if it’s a 36 month loan it should be closer to $ 80 or $ 85 a month. Talk to the bank – I don’t think you’re as bad off as you think.

Consolidating your debts doesn’t really solve anything. You still owe the money. I would recommend setting a budget up for yourself and sticking to it. Making the budget gives you control of your money.

Once you have that list all of your debts from smallest amount to the largest amount owed. Pay the minimum payments on all but the first. Then focus your energies on paying off the smallest one. Any extra bit of money you get should go towards it until it’s paid off. Once it’s paid off do the same thing with the next one. Paying off the smaller debts first frees up money to work on the larger ones.

If you want some more information on ways to get out of debt check out Dave Ramsey at http://www.daveramsey.com.

What you can do Melvina is consolidate all your money ,
As you stated your on SSI ,as long as you pay your bills and your credit isn`t to high as in ration campared to your anual gross it shouldn`t be a problem .My advice is to try a credit union rather then a bank .Banks tend to go by the book and Credit Unions they can cut corners .
Good Luck and all the best .Corrine

That would be like buying a Hummer to save on gasoline.

I have placed this in the source box. There is a wealth of information there and a great free debt management software program. I bookmarked the site as I return to it often for the advice it offers. I hope this helps you.

Yea go for it all they can say is no right go to a credit union and all the best

FYI – You’re probably not on Supplemental Security Income (SSI) if you’re receiving $ 1,000/mo. You’re most likely on Social Security Disability Insurance (SSDI).

It’s very difficult to get a loan in your situation unless you borrow privately from a friend or family member. If this is not an option, I recommend using the services of a credit counseling agency. The amount you owe is relatively low. They can help consolidate debt and/or reduce interest that has accrued, and help you negotiate a reasonable payment schedule with your creditors. Many friends and clients have been helped out of debt doing this.

Check these out:

http://www.consumercredit.com/
http://www.nfcc.org/

Good luck!
Alana
Benefits Advocate