i receive $1224 a month from ssd. i have been collecting for 15 years i also make nearly $800 a month from a menial part time job. i have no assets to speak of and live month to month. my rent and other living expenses are nearly $1800 (i live in a very expensive town Key West) which was bearable untill my room mate left. i have had no luck in finding a replacement as of yet. to make matters worse my credit is poor. i discovered on line companies that have loaned me small amounts of money ($500) at userous rates of over 300% per annum. is there a reliable source where i can borrow $5000 to $10,000 over a ten year period. any help will be appreciated.
thank you
b j arkin

The problem I am seeing is to get someone to loan you that amount of money I would think that they will get you on the interest rate because of your credit history. I am not sure if you can use SS benifets though for collateral.

I asked my personal banker and she stated that she was unaware of anyone that would allow you to use SSD as collateral, because if you default on a loan there is no way for them to get a lump sum from you.

Because your credit is a challenge, you'll have trouble getting the loan you seek. One thing you can do is get one of those credit-building credit cards, which are open to people with bad credit, and use it but make sure you pay the payment each and every month. What these credit cards do is report many times per month to help build your credit score up. Also, they'll increase your balance with good standing with them over time. At the least, it'll help rebuild your credit so you can eventually get the loan you desire.

The only other option is to find a co-signer with good credit.

There are some on-line sites where individuals can now loan you money, but most of the won't touch anyone with poor credit.

I never thought about the kind of credit cards where you actually deposit a certain amount to build up your credit. But you are right this would be a great way to fix your credit. I forget about these because I don't remember them being available when we were fixing our credit.

A secured credit card is a good way to build a credit history, but can be difficult for some people because you basically pay cash for it up front and then if you don't pay it off you pay interest on your own money.

In your situation, you need to keep your income below a certain level to get SSD, so that means eliminating expenses. $1800 is too much for rent, $900 would be too much for rent. Drop the rent and you're making some decent payments. Maybe find a smaller (albeit crappy-looking) place to live for a while.

If that's not an option, you do have the internet which means you're paying a cable bill or something from $40-$150 depending on what other channels you get. Call the cable company claiming your neighbor is paying 25% of what you are and you're considering switching services to DTV because you thought you trusted the cable company but they proved you wrong. They'll lower your rate for a couple months, which could be just enough for you to get ahead.

Do you have a budget? If not you'll need one. Start by writing all your expenses down on paper (put interest rates next to loans in addition to how much you owe). By doing this you know how much you spend, and on what. LOOK FOR THINGS TO CUT especially alcohol, cigarettes, dining out, and even gas if you can manage.

Next, go to cash-only purchases. Debit cards and credit cards are convenient, but they will kill you if you're an emotional shopper with no money. Keep what cash you think you will need for the week in an envelope, and get it out when it's time to go shopping. If there's cash left over at the end of the week carry it over to the next week, at the end of the month use any extra cash to reward yourself for sticking to your budget.