Whoever can help:
We made a mistake. The lure of a possible relief with a debt consolidation loan got us. Now we are in for 27K and still owe 5k on a CC. We own our two cars and live in base housing. Living check to check and looking for relief.
Is there any way to get out from under the 16% interest on the loan by using my cars as collateral?
Lost when it comes to money, thanks to anyone that can help.
Thank you for reaching out to us in Community Lostinmoney. I would recommend giving our Financial Improvement Team (FIT) a call. FIT helps members with Debt Management, budgeting and building and maintaining good credit. If you would like to speak to this team, please call (800) 245-9360 between the hours of 8am-6pm central time. Best of luck to you!
IM CURIOUS ?? IS THERE AN ACTUAL USAA BRANCH OR IS IT RUN FROM THE BACK ROOM OF A MCDONALDS ??? HOW CAN SOOOO MANY PEOPLE WORK THERE BE SO CLUELESS...
OH WAIT EXCEPT THE ONE GIRL WHO TOLD ME TO GO TO SOME BANK SHE USED ..A AND N MAYBE LOLLL..YOU JUST CANT MAKE THIS UP
I'm sorry you got lured into a debt consolidation loan...they often create more problems than they solve. Here are some suggestions that I recommend going forward:
- Create a debt-elimination snowball. Here's how. 1) From this point on, do not put anything else on debt. If you can't pay with cash, then don't buy it. 2) Make a list of all your debts. 3) Start by eliminating the smallest balance, even if you have to get a temporary second job or drastically cutting expenses...like the cable bill. Your's may be the $5K CC you mentioned. 4) Once that first smallest balance is paid off, roll that payment to the next smallest balance. This create the "snowball" effect.
- You can also get free financial help from your Airman Family Readiness Center. They use a standard software to create a budget and can provide some suggestions to help pay things off quicker. Some installations still have a Certified Financial Planner available for free. They can also evaluate all your debts and determine if any of them qualify for the Service and Sailors Relief Act, to lower the interest rates.
- Try using USAA's FIT program mentioned below; with the understanding that their primary objective is to get you into USAA's products. Still, they have decently trained people that can help provide some suggestions.
I hope this helps.
Brandon J (not a Certified Financial Planner)