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Consolidating Debt

Does anyone know of a reasonable company that will give a loan to consolidate debt? We are looking to consolidate our debt and try to get rid of it, but without going through debt recovery, we can pay our bills, but it would be nice to have only one payment with one rate rather than 4 different ones with 4 different rates. I do understand that this means we will probably pay on the loan longer than if we keep them separate, but we need to open up some of the money to use for other things. We used to be a two income family, but suddenly became a one income family.
I applied for one through one of our banks, but they don't treat the loan as one used to consolidate debt, but just as a standard loan, so of course we were denied because of the debt to income ratio. I have emailed our other institution to see if they do it the same way or if they treat it as a separate thing. I am waiting to hear back, but figured I would post here

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Asked by Anonymous at 9:21 PM on Sep. 27, 2010 in Money & Work

Answers (4)
  • That is what I would like to do too. But I don't know how either.

    Answer by homeschoolin432 at 10:17 PM on Sep. 27, 2010

  • my husband and I took a course with Dave Ramsey, Financial Peace University. I would highly recommend it. We are now debt free (took up about a year to pay off $25K) he explains in simple (but it takes discipline!) steps how to do it on your own the old fashioned way. now my husband and i have my whole income ($2,000/month) going into my credit union for a down payment on a house. It might now by the quick fix you're looking for, but it's the best answer for you and your family's future in the long run. it has absolutely changed our lives. good luck.

    Answer by 1st_time_mom23 at 12:32 AM on Sep. 28, 2010

  • Another one besides Dave Ramsey is David Bach with books such as Smart Couples Finish Rich. A lot of these consolidation companies cause more harm than getting a loan anywhere isn't as easy these days. But a program like David Bach's helps you pay off your debt faster and on your own.

    Answer by Mom2Jack04 at 11:47 AM on Sep. 28, 2010

  • Check with the BBB or call up some accounting firms and ask for referrals.

    Answer by HotMama330 at 12:08 PM on Sep. 28, 2010

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