High Interest on Furniture Loan

by Linda
(Lehigh Acres, Florida)

Is there anyway we can get out of this high interest of the furniture payment? I've tried to get low interest credit cards to pay this thing off but won't qualify because our income is too low since we're disabled.

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Sep 23, 2011
 High Interest on Furniture Loan
by: Debtcollectionanswers.com.

There is no easy answer to your question and you may be at risk for losing your furniture if you do not keep up with your loan payments given that I assume your furniture is the loan collateral. If you do lose the furniture, then you will have paid a lot of money toward the furniture and you would have nothing to show for it.

I recommend that you do one of two things: Schedule a meeting with a nonprofit credit counseling agency. The agency will look at your financial situation and based on that information, advise you about what to do. Another option is to meet with a bankruptcy attorney to find out if filing for bankruptcy might be your best option, especially if you have a lot of other debt. Go here to schedule a free consultation with a bankruptcy attorney.

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