How can I get a debt consolidation loan? Everybody's turning my husband and I down for too much credit!?

My husband and I are trying to straighten out our finances because we have a lot of debt (credit cards mostly) and we want to buy a house. Everyone tells us that getting a a debt consolidation loan will help because we can combine all of our debts into one monthly payment, but we kept getting turned down or offered a low amount because we have too much credit being used. What's the point of a debt consolidation loan if your too much in debt?

Hi friend getting loan is one of the fighting challenge in our life.Go to different banks if you are denied at one bank.Don't ever rely on the online loan providers sometimes they wil surely scam you.Just take a look at this link to get the free quotes from the experts around the globe..

DON'T get a CONsolidation loan. If you are on a WRITTEN budget and are spending LESS than you bring in, you can use what is left to pay your existing debts DIRECTLY. If you are not, renaming the debt won't help you anyway. There IS NO POINT to a CONsolidation loan. It only allows you to PRETEND you did something. Until you pay off the debt, buying a house is not a good plan anyway. You will just find yourself with LESS money AND a mortgage payment.

"Debt consolidation loans" are a scam, mostly; they just charge you MORE money to do something you could (& should) do for yourself. Think about it, they exist to make money for the lender, not to help you!

Go to the library and borrow a book by Dave Ramsey. Doesn't matter which one, they are good but are all pretty much the same. Here's the CliffNotes version of what Dave says:

Rank your debts, smallest to largest, and pay minimums on all but the smallest. Throw every last dollar you can find at that smallest debt (deliver pizzas, get an extra job, sell stuff you don't need) until it's gone...then move on to the next debt.

Do you have a car payment? Why? Sell the car, pay off the loan, buy a running vehicle with what's left.

Eat a LOT of beans & rice until you are straight again

Good luck!

Would you like the truth, or would you like the same song & dance BS that the con artists and government wants you to believe?

I will choose the truth, get angry at me for being blunt, or realize reality

Here is the Reality check:

If you are being turned down for a debt consolidation loan, you are not going to qualify to buy a home for a long time. Especially without a huge downpayment (20-30%) things have (finally) dramatically changed and banks aren't allowing people with bad credit choices in their past to get zero down loans anymore.

So, even if you consolidate your credit is going to suffer for a while.

If in your shoes, you have one solid plan of action, but it is not a quick fix and it will still be a few years before your dream of home ownership can happen.

1. Both of you take 2nd jobs. If you are charging to survive, you are not making enough money AND are not accomplishing anything month after month.
2. Sit down and make a list of all your debtors, amounts owed and interest rates being charged. Write down the current amount you are paying next to each card/debt.
3. Then take your list and prioritize it highest interest on top to lowest interest on the bottom. Now write in the minimum allowed payments for each.
4. If you have been trying to spread extra money against all the debts you are in good shape as you have the ability without spending any extra money to get these paid off.
5. Put all money from 2nd jobs AND all excess payments above your minimums (that you were spreading between all cards) and put towards the debt at the top of the list.
6. Do this every month and you will be amazed how quicly you pay it off and it is amazing how much quicker your total debt will shrink.
7. This is the most important thing. When you pay your first debt off, take the entire payment (minimum plus excess you paid) and roll down to the next card. Then on that debt you would be paying minimum + the minimum/excess so the debt payoff will begin to snowball.

Once all debt is paid, take the money you were using to pay debt and save it for your down payment.

Reality isn't easy and going into debt to get out of debt never works.

Good luck

You simply need to get on a written budget. You need to cut up the cards and start paying down these balances. You should be debt free whan you buy a house, or you will struggle and find constant financial probs.

Get on a written budget. Sell things you don't need. Stop going out to eat. Take second jobs, third jobs. Pay the smallest balance off, first, work your way through to the highest balance. Sell your car.

Live within your harvest

Practically any type of loan can be wrapped into the debt consolidation process. Common types include finance charges, late fees and overdraft charges, credit cards, personal loans, utility bills, medical bills, car loans, store cards, gas cards and back taxes. A debt consolidation loan<!--allows you to condense your monthly payments into a single, simple bill, while lowering your interest rates and helping you pay down your debts more quickly and easily. It is also an essential tool in avoiding the much more serious step of declaring bankruptcy.

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Unlike bankruptcy, in which debts are cancelled and your credit rating collapses completely, debt consolidation loans are essentially a type of refinancing, where several-->old loans are replaced with a new one that has more favorable terms. Your loan consultant will negotiate with creditors on your behalf, so you鈥檒l no longer have to deal with harassing phone calls and daily mail.

I've reported the 3 scam responses. If someone else would report them, they'd be removed from this post.

NEVER respond to online loan "officers" with free email accounts. They will approve your "loan" but will request that you send them money for fees, taxes and insurance. The only real money will be yours.

Most debt consolidations loans are for homeowners to do a home equity loan.

You are in no position to buy a house right now. You need to focus on paying off that credit card debt and increasing your credit scores.

1) Make a budget
2) Research using the snowball method of paying off credit card debts
3) Pick up the Dave Ramsey book very inspiration and will help you get your act together
4) Get second jobs or work overtime to make progress.
5) Stop using credit cards