“Dear Steve,
Thank you so much for a great site of information! I just contacted LendingClub.com and was approved for a little under $30k. I was looking for the full amount of $35k, but no need to get greedy, right? LoL very thankful for what was offered.
My question involves what exactly to pay off. 5 credit cards totalling just under $13k for sure and a loan for $7,000. That takes me to $20k with around $9k left.
Only other debt remaining are 2 car loans, one for $6k and another for $22k. Total monthly payments for the vehicles are roughly a little under $700.
Any ideas on how to tackle my situation?
Much thanks for all you do and I will be sharing you website and info to all that I know who made need the help.
Ricardo”
Dear Ricardo,
Yes, for those with average or better credit scores, Lending Club is still a good source of unsecured debt consolidation loans. People are surprised they still exist but they sure do.
For my readers that decide to go the Lending Club route, when they let me know what their loan numbers are I do help to fund them.
Trying to decide what to pay off can be done by either figuring out the combination of debts that if paid off would lower your monthly payments the most or by prioritizing your debts in order of the highest interest rate to the lowest and paying off the highest interest rate debts first.
But if the question is which of the two vehicle loans to pay off first, I’d suggest the lower balance loan. And here’s why. If you pay off the vehicle in full you will then get the title to the car and it will be an asset you own fully and the payment will be eliminated. This will give you more room to pay off the debt consolidation loan and get back to saving.
Remember, when you pay off any major credit cards like a Visa, MasterCard, American Express, or Discover, don’t close the cards. We the continued credit history to boost up your credit score.
And don’t be afraid to use a card from time to time as long as you can pay the balance off in full by the end of the month. A credit card is a much safer financial instrument to use than a debit card.
You might be interested in my guide The Ultimate Debt Consolidation Loan Guide: Getting Approved, Acting Smart, and Being Wise.
Please post your responses and follow-up messages to me on this in the comments section below.

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