Hi there everyone,

I have a total of unsecured debt of 25,000. I been considering taking out a personal loan to pay the debts all off and have to make one monthly payment towards one thing instead of 6 different things -- and only be paying interest off and nothing else. Now, I've called a couple of credit unions and banks and the loan officers I spoke to advise against taking out a personal loans as they have a very high interest rate and given the amount I want to take with a not a such a stellar credit rating -- seems impossible. They recommended me to apply for 0% interest credit cards & transfer balances instead. I wasn't convinced with this idea too much....so here I am considering debt consoldation services. What do you guys think? Anyone in a similar situation? Any advice is appreciated!

Thanks!

Pickleweed

P.S. I wanted to mention that I haven't been late or past due on my payments and haven't been sent to the collection agencies. I am just tired of making monthly min payments and having the money go towards the high interest instead of the balance I owe. So that's the reason I was considering taking out a loan.

[roxette]

Hi Pickleweed

Welcome to the forums.

Browse through this forum and you will find many people in your situation who have considered using a consolidation program.

I resist taking any kind of loan to pay off the past debt. Doing this, you will be increasing your monthly expenses. Also, the loans require some sort of security to be attached with it. If you default in making the payments, then you might have to lose your property.

debt consolidation program can solve most of the problems by combining all your debts into one monthly payment at lower rate of interest. You will have to pay only one check to the debt consolidation company who in turn will pay to your multiple creditors.

Once you have enrolled for this program, the consultant will negotiate with your creditors and reduce the rates of interest. So, you will be offered a lower amount that will be much easier to pay and at easy monthly installments.

Besides, debt consolidation program has some added benefits that have been itemized in the page given below. Please read this one to have a clear understanding.

http://www.debtconsolidationcare.com/benefits.html

I suggest you to take a free counseling so that you are aware of your available options. The consultant will analyze your financial situation and offer you a suitable deal. Once you have given your consent, then only will this program get started. Please sign up in this website to get a professional help.

Regards
Roxette