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I need a loan to pay my bills - Can debt consolidation help?

Date: Tue, 09/13/2005 - 14:41
Submitted by on Tue, 09/13/2005 - 14:41
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To whom it may concern ive been trying to get a loan for roughly about 7500 to take care of some personal debts i have. Im right now going to school to try and get my montgomery gi bill back which would increase my income by 1100 dollars a month which i can use to pay back on the loan. I wont recieve my money until january after succsessfull completion in my course. If you can help me id be greatly appreciate it.


Hi bernard1

Welcome to the forums. I will not suggest you to take a loan for paying off your past debt. This will be an additional expenditure over your existing expenditure. You might be required to pledge your property against the loan. In case, if you fail to make the payment, you might be at the risk of losing the property.

I will suggest you to enroll for a consolidation program as it does not require any property to be pledged. Also, the debt consolidation program will combine all the debts into one loan amount at lower rate of interest.

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

You can take a free consultation from the experts and know your repayment options.

Regards
Roxette


Submitted by roxette on Tue, 09/13/2005 - 16:18

roxette

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Yes Roxette,
That is a good point!Because taking out a loan may hurt you in the long run because loans may sound good at the time they only give you so much to pay off as for school loans they don't make you pay them off right away!Take it from me I am in the boat right now as we speak where I can't seem to pay off my loans so please be advised of what kind of debt you might be getting yourself into!


Submitted by chmartinbaby06 on Tue, 09/13/2005 - 22:34

chmartinbaby06

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Submitted by on Mon, 02/26/2007 - 07:32

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Frankly me and my husband did the home equity loan thing and it was sooooo easy. let me tell you it was a huge mistake.

first of all we wrapped all our cards, loans, lines of credit into our home. and wha la! no debt except for one payment. well we were in our early 20s and frankly it was so easy we did not learn our lesson ended up about 5 years later going through settlement and it stunk.

Frankly this day almost 8 years later im still paying on that home equity 500 a month, and if you think about it im still paying for that truck i purchased 10 years ago, the clothes, the washer and dryer, etc. So stupid. and frankly if something comes up and i cant pay it now my home is in jeopordy. I took unsecured debt and secured it into my home. This is how people loose thier homes in 2-3 years my debt on my home loan will be over and i will never do something so stupid again. learn from my mistakes dont wrap unsecured debt into your home there are better ways.


Submitted by love_my_things on Thu, 04/09/2009 - 07:28

love_my_things

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Submitted by on Fri, 04/17/2009 - 13:44

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