fbpx

How Should I Best Use My Debt Consolidation Loan Money?

Question:

Dear Steve,

I just took out a debt consolidation loan, and I have a total of 7000 in credit card debt, a car note with 3700 still owed, and 5200 owed to IRS in back taxes.

I wanted to know how to spread the money around to increase my credit scores to buy a house. Thanks.

Do You Have a Question You'd Like Help With? Contact Debt Coach Damon Day. Click here to reach Damon.

Monica

Answer:

Dear Monica,

You didn’t mention how much you received in the debt consolidation loan.

However, I would suggest talking to a local mortgage broker and discussing what will be the most effective way to apply the available funds since the end goal is to apply for a mortgage.

We know what the end goal is and the smart thing to do is talk to the broker and understand what will make the most sense for you rather than guess.


Damon Day - Pro Debt Coach

Follow Me
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.
Steve Rhode
Follow Me
See also  I'm An Attorney Making $125,000 But Stuck in Debt. - Eric

Comments are closed.