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Questions About Debt Consolidation Loans

Does anyone have any info on debt consolidation loans?

To make a long story short in exactly 1 year my husband and I went into $11,000 in credit card debt. I make every payment on time but sometimes can only make the min. payments and we have 6 credit cards. Does anyone have any info on debt consolidation loans? Or anything? Thanks

Industry Expert answers:

They are out there, hard to find, even if you google it, you get more junk sites then anything else. 2 sites that MIGHT be able to help are
www.credit.com
or
www.lendingtree.com

If you are making monthly payments, even minimum payments, your credit wont hurt that much, if you can, hold off on the loan at all costs, and maybe something will happen in the future…better job, raise whg knows, but if you must then get the loan…..

Is it futile to search for lenders that do “true” Debt Consolidation LOANS??

I have been searching for almost two months to no avail. Are there no legitimate lenders that perform Debt Consolidation Loans? I am not looking for a Home Equity Loan, I mean a loan to “replace” my high interest loans and credit cards with one affordable monthly payment?

Industry Expert answers:

If you’ve dealt with the spending problem that got you in the mess and been able to reduce your expense to the point at which you are already reducing your debt then you should start looking at debt consolidation.

You really should ask your bank and see what they can provide, a personal loan or home equity loan (if you’ve got a home) might end up being a better solution than the high interest loans and credit cards that you’ve got right now.

Though it’s important that you have your spending under control, if you don’t then all you’ll end up doing if you role your loans into one new loan is opening up more credit for you to then abuse (you can’t borrow your way out of debt).

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