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Can You Recommend a Debt Consolidation Company in Pennsylvania? – Virginia

By on March 3, 2010
Can You Recommend a Debt Consolidation Company in Pennsylvania? – Virginia

“Dear Steve,

We have a small business and used 2 major credit cards to the max, along with a line of credit, totaling $99,500 worth of debt.

We would like to consolidate the credit cards with a lower interest rate, and get a home equity loan combining our mortgage balance and line of credit balance. We could pay $1800 to $2000 per month on both loans combined. Is this feasible, and if so, can you recommend any debt consolidation companies in Pennsylvania? Thank you!

Virginia”

Dear Virginia,

The non-profit credit counseling companies that offer a “debt consolidation” option do not make loans. The only place I know how to borrow money to consolidate your debt would be to take a home equity/refinance mortgage or an unsecured fixed rate loan of up to $25,000 through the peer-to-peer lender, LendingClub.com.

If you are looking to remortgage the property you should talk to a local bank or mortgage broker.

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About 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.

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