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I Would Like to Combine All of Our Debts Into One Loan. – Joe

“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.


Dear Joe,

If your credit score is higher than 660 then look at 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.

Please update me on your progress by posting updates here in the comments section of your question. I’m very interested in how this works out for you.


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.

P.S. Be sure to read ‘The Secret of Surviving Through Difficult Economic Times. What I Learned On My Journey‘.

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About the author

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.

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