Post # 1
My husband and I are considering doing this but with so many options/companies/scams out there, I am hesitant.
Can you tell me about your experience?
How much debt did you consolidate?
What kind of debt was it (credit card, student loans, medical bills, etc)?
What company (or bank) did you use?
How much are/were your monthly payments?
Did you need to put any money down or have any collateral?
Did it help the situation a lot, a little, or not at all?
Any other advice would be greatly appreciated!
Post # 3
@Stace126: I consolidated 3 credit cards, totalling $10K in debt. It was unmanageable trying to pay 3 different credit card companies. I went through my local bank, who I’ve dealt with for years. They organised everything and cancelled my credit cards. I can’t recommend debt consolidation highly enough, it is such a huge relief of stress to know that you only have one payment to make. My repayments are $205 a month, which is really affordable – I took the loan over 7 years rather than 5, just for extra peace of mind, and there is no penalty if you pay the loan out early (which is important – if you can pay it off sooner than the loan term, all the better. But if you can’t, you know you’ve got a bit of time up your sleeve). I didn’t need to put any money down for the loan, there probably was a loan application fee that was factored in to the amount borrowed. I did have a car that was still under a loan, and I told the bank manager that I didn’t want to secure my car to the loan – the car itself was already secured to its existing loan. This was fine.
When you’re paying numerous debts, it gets SO stressful because you’re trying to meet your financial obligations but still keep your head above water. Debt consolidation allows you to do this easily – one payment, with money left over to survive on.
Definitely have a chat to your regular bank and see what they can offer. Debt consolidations as the best thing I ever did. Good luck!