Debt Consolidation Loan

Which of These Debt Consolidation Offers Should I Go With?

Written by Steve Rhode

Question:

Dear Steve,

I need to try to consolidate my credit cards.

I’ve gotten letters from several companies about debt consolidation, telling me I qualify for up to $35,000. It sounds great – it would really help. I tried researching online, didn’t find much real help or answers.

Have you ever heard of these debt consolidation offers – personal loans? Marcus, BBVA, Graylock Advisors, Interstate Associates, myinterstate Associates, Trout Associates, (Interstate Associates myinterstate Associates & Trout Associates show 2 P.O. Box addresses in Lafayette, CO.)

Are any of these legit or worth trying to apply to? Thanks.

Carol

Answer:

Dear Carol,

Whenever you receive an offer in the mail you have to understand what that is. It can be a lot of things but a guarantee for a loan is most likely not one of those things.

The unsolicited information that is landing in your mailbox is advertising offers attempting to get you to pick up the phone and call or visit a website. At the other end will probably be a commissioned salesperson who may attempt to sell you a loan or say you don’t qualify and try to push an alternative product on you.

The goal of the mailer and contact is to attempt to sell you something so they can make money.

Only you can determine if the offer is right for you and makes logical sense. But as often the case, people who leap at these offers are under financial stress and are attracted to the magical solutions offered.

The best first step is to understand exactly what your financial situation is, what your goals are, and come up with a plan of action on how to best achieve them. One way to do that is to talk to an independent debt coach like my friend Damon Day but there are plenty of independent financial professionals you can talk to like an accountant who can assess the numbers.

Then, once you understand what approach or series of steps may be necessary to accomplish the customized plan built for your unique situation, then you can evaluate vendors to assist you. The companies you mentioned might be able to help if they have a product you need.

If you do decide to skip all that advice and just leap for a debt consolidation loan then at least check the company out.

I would recommend that anyone considering using such a company should read the following free guides.

  1. The Ultimate Consumer Guide to Checking Out a Debt Relief Company Before You Sign On the Line
  2. 10 Must Do Steps to Find the Best Credit Counseling or Debt Settlement Company for You
  3. How to Check Out a Business or Company to Avoid Getting Scammed or Ripped Off

morehelp1
Choice1 Choice2 Choice3 Big Hug!
Get Out of Debt Guy - Twitter , G+ , Facebook
If you have a credit or debt question you'd like to ask just use the online form .




About the author

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.

1 Comment

Share a Comment / Leave a Reply

Scroll to Top
%d bloggers like this: