Should debt negotiation be pursued instead of an unlikely bank loan?
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Could it be that if banks are hesitant to grant a new personal loan due to significant existing debt and insufficient proof of income, focusing on debt negotiation or establishing repayment plans might be a more effective way to regain financial stability?
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Yes, that's practically feasible. When banks are a bit slow to issue loans due to high debt or subpar income, discussing options with lenders or creating a solid repayment plan can truly work wonders. It eases financial pressure, protects your credit score, and gradually helps get things back on track without incurring more debt.
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Thanks for getting back to me, but doesn’t the urgent need for cash (due to high debt) practically force many people to take out new, high-interest loans first, despite the long-term risks to their credit scores and financial stability?