Latest Posts
Home > Ask The Get Out of Debt Experts > I Would Like to Combine All of Our Debts Into One Loan. – Joe

I Would Like to Combine All of Our Debts Into One Loan. – Joe

“Dear Steve,

My wife is leaning towards debt consolidation through a reputable company. I would like to combine our debts in one loan, but with a fixed rate. the problem is that banks are not willing to give out personal loans at this time. I need a 25k loan to consolidate my bills. I am not late on anything, but I run short every month and I am not reducing my debt, but creating more.

Joe”

Don’t miss our free Get Out of Debt – “How To” Guide Series on a number of topics, for loads of practical advice, tips, and help to beat back debt. – Click Here

The Answer

 

Dear Joe,

If your credit score is higher than 660 then look at LendingClub.com as a place to get a consolidation loan. If you don’t know what your credit score is, check it before you start shopping for a loan. If your score is lower than 660 then don’t bother shopping around for a loan, the chances are you won’t get one.

Getting a debt consolidation loan can be a way out of debt or simply deeper in debt if you never change the behavior that got you in trouble in the first place.

Let’s say you get a debt consolidation loan from LendingClub and then you start using the cards again after six months. Now you’ll have a loan to pay and getting right back into trouble again. It won’t end well.

Please update me on your progress by posting updates here in the comments section of your question. I’m very interested in how this works out for you.

Big Hug!

I Would Like to Combine All of Our Debts Into One Loan.   Joe
Get Out of Debt Guy – Twitter, G+, Facebook

P.S. Be sure to read ‘The Secret of Surviving Through Difficult Economic Times. What I Learned On My Journey‘.

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.

Share This and Spread the Word

About Steve Rhode

Steve Rhode
Steve Rhode is the Get Out of Debt Guy and has been helping good people with bad debt problems since 1994. You can learn more about Steve, here.

Get My FREE Get Out of Debt Guy Newsletter

It is the smart thing to do.

I promise to keep your email safe and secure.

Close

I want to keep you posted each weekday with just one email about the latest get out of debt news, scam alerts and information to beat back debt.

You can unsubscribe at any time with just one click.

After you subscribe, check your email to confirm your subscription. If the confirmation email does not appear in your inbox in a few minutes, check your spam folder for it. Sometimes it likes to annoyingly hide there.


  • It will keep you posted on the latest scams.
  • You will be alerted to the latest articles.
  • You will wind up smarter than everyone else dealing with debt.