My Wife and I Are in the Military and Need to Get a Consolidation Loan. – Andy

By Steve Rhode
Ask me your question.

I apologize in advance for the short response. I am currently away on vacation with limited internet but wanted to give you an answer as soon as possible. Steve

Andy wrote to me through the GetOutOfDebt.org site and asked the following question. If you have a credit or debt question you’d like to ask just use the online form. I’m happy to help you totally for free.

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“Dear Steve,

My Wife and I are in the Military and have 3 or 4 credit cards and a few loans. My wife had identify theft and we tried to consolidate her past debt and still have collection agencies calling us for more debt we need to settle.

My Question is with all our debt adding up to close to 30,000 or so is it possible to get a consolidation loan to pay this off, and would it affect her
credit and mine?

Andy”

Dear

Let me be blunt, but clear, no respectble lender is going to give you a loan to pay off these cards. If someone is promising you a loan to consolidate it is almost guaranteed to be a scam and they will ask you for money up-front as a processing fee and you will not get the loan.

If you wanted to make one payment and try to get a reduced monthly payment you should try a debt management company first. They might be able to create a debt management plan for you that makes sense. If you explore that option and don’t like what you hear, come back here and post a comment to update me and we’ll then explore the next step.

@GetOutOfDebtGuy

Source: My Wife and I Are in the Military and Need to Get a Consolidation Loan. – Andy

Originally posted 2009-04-29 15:58:45.

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