“Dear Steve,
My wife is leaning towards debt consolidation through a reputable company. I would like to combine our debts in one loan, but with a fixed rate. the problem is that banks are not willing to give out personal loans at this time. I need a 25k loan to consolidate my bills. I am not late on anything, but I run short every month and I am not reducing my debt, but creating more.
Joe”
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Dear Joe,
If your credit score is higher than 660 then look at LendingClub.com as a place to get a consolidation loan. If you don’t know what your credit score is, check it before you start shopping for a loan. If your score is lower than 660 then don’t bother shopping around for a loan, the chances are you won’t get one.
Getting a debt consolidation loan can be a way out of debt or simply deeper in debt if you never change the behavior that got you in trouble in the first place.
Let’s say you get a debt consolidation loan from LendingClub and then you start using the cards again after six months. Now you’ll have a loan to pay and getting right back into trouble again. It won’t end well.
