I just graduated with a bachelors degree from a university at which time I incurred some debts. Things somewhat snowballed when I tried to consolidate and… well I won’t bore you.
In any regard I have a solid and steady job right now and instead of not being able to have any money after bills are paid for myself, I’m considering getting a loan to pay off in a short amount of time while I .ake more money.
The issue is just for the time being but I want to get these debts out of the way.
Who do you recommend to look into for a loan with a decent interest rate?
Other thoughts are welcome as well.
Not to sound glib, but most recent graduates in this situations first check with “The first national bank of Mom & Dad”. Is that an option?
I don’t entirely understand your reasoning. You’re already working and making enough to support yourself and pay down your existing debts, but you want to have a little more disposable income every month to have fun with?
If I understand you right, I don’t think you should borrow any more money. You would be flush with cash for a little while, but your total monthly payments on your debts would increase proportionally. If you make just enough now to pay down everything you already owe, then you don’t make enough to pay down your existing debts plus a personal loan.
The only way I can see this as feasible is if the job you’re working operates on some kind of commission, and you have a reasonable expectation of increased wages as you work there. I’m still not sure it would be a good idea in that situation, but it would at least be sustainable.
I think Enginerd may have misunderstood a bit, and I’m not sure either. Are you looking to take on more debt and buy nice things or are you trying to consolidate your debts?
If it’s the latter that’s a great idea if you can replace high-interest credit card loans with a cheaper loan, but if you don’t have a house or some other form of strong collateral, I’m not sure exactly what you could replace your credit card debts with.
If it’s the former, that’s just silly. You should work as hard as possible to pay off all of your debts as soon as possible so that you don’t have to pay for the interest on the loans. Try to live within your current means rather than falling in the trap of constantly trying to constantly maximize your possible consumption and using debt to finance expendable consumer goods.
If it won’t interfere with your regular job, a part-time job might be a good option. This will bring in some money and take up some of your time that you would otherwise be tempted to shop or party or whatever you do with your money.
If it makes you feel any better, your situation is extemely normal for a new graduate. To just be making ends meet after loan payments is extemely common. For a while there my Saturday night fun was to stay at home and listen to my favorite shows on public radio and read books from the library. Things did improve.
One thing you might consider, if you have cable or other types of pay TV, is to cancel that. It frees up some cash. Also, IME, TV tends to stimulate the urge to buy stuff.
Find a local Credit Union and become a member.
Fer instance, I have a credit card that is tied into my checking and savings accounts; it is, for all intent purposes, a revolving line of credit. I can transfer funds from one account to the other with no fees. (Of course, I still have to pay interest on the loan, so it’s not like they’re lending it to me for free. But for short-term quick loans, it’s got better rates than any other credit card I’ve used.)