I’m Looking for Another Unsecured Debt Consolidation Loan to Get Out of Debt. – Carroll

“Dear Steve,

I was about to sign up for Fast Track Debt Relief, until my aunt told me to do more research, as a result I found your site.

I am in debt to the tune of 100K. These are the following debts I have:

Student Loans: $50,499.43 Not current because loan was transferred to Cornstone Collection. Was paying $50.00 per month. Now asked to pay $966.93.

VA Credit Union Car Loan secured: $21,808.68 current

Prosper Peer Loan unsecured: $5,017.62 current

VA Credit Union Personal Loan unsecured: $6,681.58 current

VA Credit Union Personal Line of Credit (overdraft coverage): $255.00 current

First VA Financial Line of Credit: $386.00 current

CashNetUSA Line of Credit: $930.00 current

Check City Pay Day Loan: $645.00 Current

Lendmark Personal Loan unsecured: $3,320.00

Henrico Property Tax: $160.00

I have been learning the Financial Peace University system and The four laws of Financial Freedom.

I have started a small business that is growing in sales $23.00 to $150.00 per events or sales.

I want to consolidate all of these debts to one payment so that I can really practice the envelope systems.

Should I use the Debt Reflief Industry? If so, who do you recommend that I work with to consolidate?


Dear Carroll,

My initial reaction was that unsecured debt consolidation loans are available through LendingClub.com and Prosper.com but then I noticed you already have a Prosper.com loan. You actually have a few unsecured loans from the credit union, Prosper.com, Lendmark, and some payday lenders.

That leads me to believe your situation is not one that would be typically best addressed with yet another loan. It looks like you’ve been borrowing for some time to try to make ends meet but now that you are on the hook with the payday lenders I would imagine their demands for payments are fairly high.

Are your student loans government backed or private student loans?

I’m also curious what solution Fast Track Debt Relief suggested to you?

See also  LendingClub.com Cheap Debt Consolidation Loans Now Available to NC Residents

Let’s start with the basics.

I’d suggest you first read How to Get Out of Debt. The Honest and Unvarnished Truth and The Truth About The Success Rates, Failure Rates and Completion Rates of Credit Counseling, Debt Settlement, and Bankruptcy. They will give you a great overview of what we need to deal with to get you moving in the right direction.

Then use the free How to Get Out of Debt Calculator to review your options.

After that, come back here and comment about what seems to make the most sense and let’s discuss that.

Does that sound like a reasonable approach?


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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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1 thought on “I’m Looking for Another Unsecured Debt Consolidation Loan to Get Out of Debt. – Carroll”

  1. A debt consolidation can certainly make your payments more manageable as you only get to pay a single creditor and at a lower interest rate. However, ease doesn’t necessarily convert to savings. Debt consolidation only works if you don’t accumulate further debt.


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