I know the question seems confusing, but this is a real life event. My friend lived beyond his means for a few years, combined with half year of unemployment his Credit Card Debt went to the roof. His credit score got a hit. When he got a job again, he put all his credit cards in good terms and he is paying off the same credit cards that once put him in a bad spot to ask for money.
Now he wants to consolidate all his CC, because some of them went to 20-24%, with a bank loan. As you can imagine there is no bank that will lend him money at least easily.
It seems that any decision he makes at this point will put him in a disadvantage point. I am sure many many Americans are struggling like this.
What to do when institutions stopped lending you money? or if they lend you is on a pretty high high interest rate?