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Home > Ask The Get Out of Debt Experts > I’d Love to Find a 10 Year Loan to Consolidate My Credit Cards. – Lori

I’d Love to Find a 10 Year Loan to Consolidate My Credit Cards. – Lori

“Dear Steve,

$27k in revolving debt and another $20k already set up in low rate repayment schedule loans of debt.

I just want to know if any banks offer consolidation loans for a 7 year term where they take our cards, issue payoff checks and cut our cards, anymore?

I so want to pay off our debt the right way with out settlements and bankrupcies, but banks make it hard telling you to ruin your credit (make yourself delinquent) before they will help you now…if we are current, they won’t do anything to help.

I would love to get my 10 cards into one confortable payment and rate, but it seems there is only a 5 year time frame out there…

Thank you for your time and help…truly appreciated!


Dear Lori,

None that I’m aware of.

Your choice is either a debt consolidation lender like or using a structured repayment strategy like the free service from if you are looking for a way to pay your debt off and protect your credit.

raising handBut I’m concerned that you are setting limits on your strategies to get out of your debt. Many people get so focused on the “getting out of debt part” that they screw up their future financial lives by not making the tough choices or encompassing all the factors with clarity.

Please read The Saddest Avoidable Mistake People Make When Getting Out of Debt and absolutely avoid doing those things.

If you can’t manage to continue to build your emergency savings and save for retirement while you are getting out of debt, your making some bad choices.

If you do decide to look for a debt consolidation loan be sure to read 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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About Steve Rhode

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.
  • Kurt @ Money Counselor

    Nine times out of ten people who get a consolidation loan to pay off credit cards end up, a few years later, with BOTH maxed out credit cards (again) and now a big consolidation loan to boot! Consolidation loans are almost never part of a sound debt pay off strategy. For most people most of the time, a better (if imperfect) strategy is a Debt Management Plan, either a do-it-yourself job or one administered through a nonprofit credit counseling agency.

    • Steve Rhode

      I’m afraid the math does not support that assumption.

  • Steve Eck

    Isn’t that amazing that if you are current and making minimum payments–they will not help you at all! Once you miss a payment –they call 10 times a day! Many of the debt consolidation loans wil charge more interest and fees then the cards you are trying to pay off–so be careful!

    • Damon Day

      Ya, they basically use that as a litmus test so they can systematize their process. They can’t have the front line guys making financial decisions for the bank.
      So it is basically:
      If the customer is current then these options are available
      If the customer is 1 month behind, then these options are available
      and so on.
      You are not dealing with an individual, so you cannot expect the bank to act as an individual would.
      You are dealing with corporate policies.

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