Ask The Get Out of Debt Experts Debt Consolidation Loan

We Can’t Afford the NFCC Debt Consolidation Payment. – Tara

“Dear Steve,

My husband and I would like to consolidate our debt into one payment, but do not want to be scammed.

Collectively we have 41,000 in debt, including school debt and credit.

We cannot file for bankruptsy because our parents co-signed on a loan for 20,000 of it.

We own a house, a business and two cars.

We looked into consolidation with NFCC but their offer was more than our current monthly payment now.

Could you offer any guidance or similar debt relief companies?

Thank you.


Dear Tara,

Thanks for contacting me.

From what you shared it looks like there may be some missing information that will help you get through this process easier.

The only true way to get a “debt consolidation loan” is going to be to borrow the funds from another lender and then pay off the first. The sources of such loans I recommend are and

You can still go bankrupt with co-signed loans and pick up the payments afterwards so just because they are co-signed you can still consider bankruptcy as a possible way to relieve your debt.

NFCC is a trade association that the member Consumer Credit Counseling Service offices belong to.

I’d suggest that you use the free How to Get Out of Debt Calculator to review your options.

After you look at all your available options, let me know what you think looks best for you and let’s talk about it.

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


You are not alone. I'm here to help. There is no need to suffer in silence. We can get through this. Tomorrow can be better than today. Don't give up.

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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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