Ask The Get Out of Debt Experts Debt Consolidation Loan

Are Debt Consolidation Loans for Bad Credit Still Available? – Roland

“Dear Steve,

My wife and i bought our Dream Home 2.5 years ago and needed a few items for it. We have found ourselves in a little debt over it, around $80K of credit card debt. My wifes job required her to move leaving us in different states and paying for rent as well. Bottom line is we have good paying jobs but all goes to paying bills and its not really enough to cover everything.

How can we without any equitiy in our home consolidate our bills?

My credit score is about 720 now and hers about 650 so we need help.

We would like to somehow get a loan to pay the 80K and reduce the outragous credit card interest rates if possible. I have no late payments on anything yet but we are at odds ends on what the best approach is to tackle this. Your advice is sincerely welcomed.

Help!

Roland”

Dear Roland,

I don’t know about where to get an $80,000 loan but you can get unsecured debt consolidation loans from both LendingClub.com and Prosper.com. Your credit scores are in the acceptable range and it’s worth looking at.

At least with the $30,000 we can focus on consolidating or settling some of your debt.

If you decide to go this route with LendingClub.com let me know what your loan number is when it comes up for funding and I’ll be one of the investors that helps fund it.

Please post your responses and follow-up messages to me on this in the comments section below.

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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.

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