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Question by kamolahy: I need to get a personal loan or consolidate about 10k in debt, but my credit is awful, how do I do it?
I have about $ 10,000 in debt. I need to consolidate the loan, as my financial situation is now getting stable. It’s not stable enough for me to pay the collection companies a lump sum yet though.

My credit is bad enough to where a personal loan is not likely. I would like to consolidate it so I can have manageable payments and get on with my life and credit rebuilding.

I don’t think I have anyone I know who can cosign for me on a loan either. Any suggestions?

Best answer:

Answer by melissa s
you could try something like care one, but the only thing is it can really affect your credit…….negatively.

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Question by MLE: If I consolidate my student loan with a personal loan can I still write off the interest?
I had a federal student loan which I consolidated about 8 years ago to someone who eventually sold that loan to Citibank. I pay about 8.35% in interest. I am considering paying off that student loan with a personal loan where I can get a better interest rate. If I do this will I still be able to write off the interest I pay on my taxes?

Best answer:

Answer by bostonianinmo
Nope. It will no longer be a student loan then. You may be able to consolidate several student loans into another student loan at a better rate, but if you pay it off with a personal loan you’ll be left with a non-deductible personal loan.

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