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does any of you know of a legit debt consolidation loan company?

 
Anonymous

Asked by Anonymous at 9:02 PM on Jun. 24, 2010 in Money & Work

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Answers (3)
  • I agree with the other ladies. Also, just stay away from those companys. I did that long time ago and now they have lawsuits against them.
    usanamama

    Answer by usanamama at 4:04 PM on Jun. 25, 2010

  • Go to your bank. Present you plan. They will want the credit cards you are consolidating so you will not get behind again. I gave mine to them with a smile on my face. Show how you plan to get your debts under control. Most banks are willing to work with you if you have a plan.
    jesse123456

    Answer by jesse123456 at 9:05 PM on Jun. 24, 2010

  • A bank or a credit union. You can get loans elsewhere but the interest rate tends to be higher, and the terms aren't very consumer friendly.

    Really think about whether or not you want a debt consolidation. The risk is that you'll consolidate your debt for a lower monthly payment that on average doesn't lower your interest it just drags out the payments for a longer period of time. The other risk is that you'll consolidate all your debt and then max out your credit cards, again. In fact that's a pretty common scenario. So really consider whether the debt is the problem, or whether it's your life style.

    2nd jobs, selling things, getting on a written budget, etc. can all help you get out of debt very fast.

    Check out DaveRamsey.com for more information.
    Erica_Smerica

    Answer by Erica_Smerica at 11:56 PM on Jun. 24, 2010

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