Expert: Joe Montgomery - 6/8/2007

Question
Hi, I am a 29 year old female with a credit score of 651.  I have been with my
current employer 3 1/2 years, make approximately 60K and have gotten
really serious in the last 6 months about paying off my credit card debt
(about 18K (incurred when I was younger and stupider? is that a word?)  I own
a car (owe about $1500 on the car loan) have a lot of school debt (55K) but
currently rent an apartment that I have been in for the last 20 months.  I am
making payments of 8-900/month on my credit cards and just don't feel like
they are moving.  Is a personal loan an option for me?  I should also mention
that I have a bond that will mature in November 2007 for 10K and I am trying
to fit that into the equation.  What do you think?  Thank you in advance for
your reply!

Answer
It is possible that a bank will take that bond as collateral for a loan.  I have seen many banks take CD, and the like as collateral.  Based on what you have told me, it sounds as though you would qualify for a loan, and if the bank can use the bond, then you may get a nice sized loan.  Talk to your personal bank's loan department, and find out if this will work.