Need advice on best debt consolidation for low credit
A series of unfortunate events sent me into debt last year. It was an emergency, so I had to use my credit cards. My credit score was still decent (740 or so) so as soon as the situation was under control, I did debt consolidation through Marcus (Goldman Sachs) at 7.7%. Then the lightning stroke again this year. Same disease, same treatment, same bill. At this point my credit cards are nearly maxed out and my credit score tanked by 100 points. The total debt is:
- 13000 on cc1
- 15000 on cc2
- 14000 on cc3
- 4500 on cc4
- 3500 on cc5
- 20000 remaining student loan (at 5%)
- 26000 personal loan (debt consolidation from last year)
- 35000 remaining car loan
No mortgage or rent (house is paid off). I make 150000/year, stable job, trying to get a second job soon, but credit card interest is at 25-29% and it’s crushing my soul. Does anyone know of any debt consolidation programs I could qualify for with my current credit (648 - slowly improving)? I get a ton of letters in the mail, but when I try to get a quote, I am always declined due to low credit…
Any help/advice is greatly appreciated 🙏 I know I am on a path of paying all of this off, but right now it feels like I am drowning.
Update: I met with my financial planner this morning, and we agreed that the best path forward for me would be to take out some of my Tesla and Espp stocks. Even with tax, it comes out much cheaper than interest I’d pay on ccs over the next few years. I initiated both sales this morning, so hopefully by end of next week I will be credit card debt free and will only be left with student loan (5%), car loan (3%), and 1/2 of personal loan (7.7%). Super bummed about losing so much Tesla, but I guess it will be worth it in the end.