Is there an alternative way to consolidate?

Our credit scores are very good, but recently our debt to income ratio, which used to be around 40%, is now around 65%. The problem is, we need to consolidate to pay our debts quicker with a lower payment and better cash flow, but we cannot get finance because we have not owned our home long enough and neither car is paid off, and our debt to income ratio is too high for a personal loan. Why, since we can pay our debts as they are now, won't anyone consolidate for us? Does anyone know who we could try? We are looking for an alternative to credit counseling, but I have to do something before it gets out of hand.

The reason we have increased our debt so much so suddenly is we had an unplanned addition to the family, unexpected medical expenses later, and one car break down. I'm not trying to sound ungrateful, but I don't want to hear about lowering expenses and sacrificing and paying more towards credit cards because we are doing all that we can. I've even cut our groceries in half per month to make ends meet and save a little for the next unexpected cost. I just need serious advice about who I can talk to to help us clean up our mess. The plan was always to keep our debt under control, but things happen!

I hate to say this, but at 65% D.T.I. nobody is going to give you another loan.

You should think about calling Consumer Credit Counseling Services, they are free and will work with your creditors to lower your monthly payment as well as your interest rate. I used them several years ago and was debt free in 36-months.

if your credit is excellent, as you say, I may be able to help! Shoot me an email to msmith@premierloangroup.com, and let's chat!

Marty

First off lets get a few things straight. A 40% debt to income ratio is not good, it is the highest amount "allowed" before you become high risk and start hurting your credit.

Second, consolidation hurts your credit and it costs you more money in the end. All consolidation does is allow you to pay your debt off slower and at a higher rate! So now you owe more and your in debt even longer! Plus according to a recent publication I read "a debt consolidation firm whose internal statistics estimate that 78% of the time, after someone consolidates his credit card debt, the debt grows back."

You can't get financed because you are a sinking ship! The alternative is to stop juggling the debt, start to pay it off. The old fashion way!

you can try this site... ( http://www.helpgetfunded.com ) they might provide you with the financial information you need...