What Do We Need to Do to Consolidate Our Debt? – Ayanna


“Dear Steve,

My husband and I just got married, together we owe about $60,000. They are all in collections, due to job losses, unemployment, and only one of us was working. We both now have jobs, and would like to consolidate.

What do we need to do to consolidate our debt?


Dear Ayanna,

Congratulations on the recent wedding.

Debt consolidation is one of those terms that is used broadly to mean a number of different things.

Conventional debt consolidation is when people go to a bank and borrow money to pay off their debt. Nobody is going to give you a loan for this these days so don’t waste your time or hopes looking.

Credit counseling and debt management programs are also called debt consolidation but while you make one monthly payment to the debt management company, your debts are not paid off into one loan. Instead the debt management company is dividing up your single payment and sending it out to your creditors on your behalf.

For this type of debt consolidation all you need is a pulse, the ability to fog a mirror, and of course you’ll need to be able to afford the monthly payment.

Based on your situation you actually sound like a reasonable candidate for a debt management program. You should investigate this option further. Click here for debt management information.


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.
Steve Rhode
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