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Consolidate Debt With Really Bad Credit

It is really surprising how many successful people have money problems. After all, you would think that they should be able to manage their money issues in the same way that they manage their careers. Our current consumer has this problem in spades. He apparently has done very well in his sales career, yet cannot manage is bank account and pay his bills unless they are on automatic payments. He also spends a lot of money on clothes to look good and enhance his confidence in front of customers.

He may be totally focused on his sales career, but he also needs to pay attention to his credit rating. Employers check everything these days when they are hiring someone. One area they look at is your credit status. If a prospective employee has a bad credit rating, many employers will not hire them simply because there is lots of competition for the job and they can find qualified resources else where. They just do not bother to check the reasons that you have a bad credit rating. They assume the worst and look at other more qualified candidates. It is a very competitive market place and we all need all the help we can get.

Obviously this sales person would be much better off if he can deal with his current debt and lock in the monthly payments in a low interest loan which are automatically paid out of his checking account. Actually this is what most lenders are also looking for. They want the security of automating a payment from their customer from their checking account. In addition if he is able to maintain a good record of repaying this loan, his credit rating will improve over time.

His credit card debt is not huge, but he will be paying in access of 20% interest on the unpaid credit card debt on his various accounts. A personal loan has a much lower interest rate. Lenders will charge a higher rate for this consumer due to his bad credit rating than they would to their best customers. However the interest rate on the personal loan should still be much less than the credit card interest rate that is typically charged.

Given the focus that this consumer has on his career and now knowing the potential impact that a bad credit rating could have on his employment prospects, he will likely get this area of his life under control. A bad credit rating can also limit the ability to take out a car loan as well as a mortgage for a home. It is very important to get control of this issue if he has any plans in the future of buying a home or upgrading his vehicle.


Home/Mortgage Loan Amount : $35,000

Home Loan Application and Processing Speed (when do you need the funds):I need a solution within the next two weeks. My credit card payments and my car loan payment is due in the next two weeks.

Do you currently have a mortgage? : No, I am renting a town home.

Bank Name and Branch : Modesto Commerce Bank, J Street

What City/Town, State and County do you live in? : Modesto, California

Zip : 95394

What is your employment field? : Retail Sales

Employment Position : Sales Manager

When are you paid? (monthly/weekly/biweekly): biweekly

Your credit rating to be – excellent, fair, or bad? : Bad

How did you find us? : Looking for help online to consolidate debt with really bad credit rating.

How are you paid? (direct deposit/paper check): Direct deposit

Gross Amount Per Paycheck : $1440

Do you agree to have this information published online, without your PRIVATE information of course? : Sure no problem, maybe this post will help other people as well.

Extra information here please (some detail): OK, I am a great salesman! I have moved the stores net revenue up by 202% since I arrived. The staff likes me. Their commissions are up and my income should only grow as sales increase. I am hoping to make sales director in a year or two.

The problem is that I am terrible at managing money and paying bills unless it is on automatic debit. I always have enough money in my account to pay whatever bills come due. The problem I have is remembering to pay them. Most of my bills like rent and utilities automatically come out of my account. So no problem there.

Where I get into trouble is the credit card bills. I should put them on auto payment as well. At least the minimum payment. This way I would never miss a payment and my credit rating would improve to some degree.

The other part of the problem as it relates to my credit rating is the total amount I owe on credit cards. Right now it is up to $35,000. I feel I need to dress the part if I am going to be a good sales person and advance in the company. I dress well and spend a lot of money on clothing. It has paid off to some extent. I have much more confidence and customers would much rather make their purchases from a well dressed sales person than a slob.

I really need help to consolidate my debt with a bad credit rating. I would be paying less interest and most importantly, the monthly payments could be scheduled as automatic deductions from my account. This would help tremendously and I could begin to recover my credit rating at the same time.

So far I have not been able to find any lenders that are willing to help me consolidate my debt. I am trying online sources now with the hope that someone out there will lend the money I need and allow me to repay my credit card debt. Right now I have four credit cards and they are all maxed out to their limits. I plan to axe two of them to avoid future problems like the one I currently have.

Do you think you can help a great sales person get control of his finances?