Should I Do Debt Settlement or Get a Debt Consolidation Loan?

Question: Dear Steve, I’m trying to decide if I should use a debt settlement company for a consolidation loan. If you have an excellent payment history and now you’re deciding to settle those debts, would it be better to consolidate them and pay them off in full or get a settlement company to settle them? … Read more

I Was a Bait and Switch Debt Relief Sales Person

For years now I’ve written about debt relief companies that have used the personal loan mailers as a way to make the phone ring and then sell them some sort of debt settlement, debt relief, or modification service. Commissioned or otherwise incentivized salespeople get those leads and then attempt to close the sale or manipulate … Read more

Rapid Reader Questions – Bankruptcy, Collection Agent, IRS, Student Loans

Things will be okay.

Q: What happens if you don’t file bankruptcy but still have credit card debt or loans at the bank? A: You owe them. Q: A collection agency sent my debt to a lawyer with a court date do I have to acknowledge it? A: No, but you will then lose by default. Q: Do I … Read more

What Are Personal Loans Used For?

Even the savviest budgeter occasionally runs into a circumstance they’re simply unprepared for, which is where a personal loan may come in handy. Common personal loan uses include covering an unexpected medical expense or home repair or even managing existing debt. Borrowing money vs. paying cash isn’t ideal, but if you need cash ASAP and … Read more

Why Are the Advertised Consolidated Loan Rates Different That the Ad?

Interest Rate

Question: Dear Steve, At the advertised numbers, I would have consolidated. What happened to the advertised rate? Bill Answer: Dear Bill, I’m not sure exactly what advertised numbers you are speaking about, and normally a question so short would not make it to the site to be answered, but you bring up a great teachable … Read more

I Want to Lower My Overall Interest Rate With a Debt Consolidation Loan

Question: Dear Steve, I have a good credit score and am paying $4k a month in credit card payments (paying over the required amount), with exceedingly high-interest rates. It makes sense to consolidate all cc debt with a lower interest rate. Right now, I feel like I’m throwing away money. I get mailers every day … Read more

I’m a Trucker and Need a Loan to Get My Kenworth Back on the Road

Question: Dear Steve, Owner/Operator worked in Montana/ North Dakota in the oil fields. When everything got shut down last year it took all I could do to move back home to Nebraska. Had to park my truck and worked on a farm for my cousin and hauled mail to Omaha, Lincoln and Denver part time … Read more

Can I Get a Loan for Medical and Household Expenses I Can’t Afford?

Question: Dear Steve, It all started when I had to have my roof repaired and also needed a new air conditioner for my house. I am semi-retired and have a 1600. monthly social security fixed income. I kept receiving 0% offers, and just went to the bank to deposit them. I really don’t know where … Read more

Who Will Give Us a Loan to Payoff $100K of Credit Card Debt?

Question: Dear Steve, We make a sizable income ($350,000) and we have just paid off most of our vehicles (only one left); problem is cc debt–the peer to peer sounds great, but $35,000 is not going to cut it–need more like $100,000 to truly pay down the debt. Contrary to how it sounds, we are … Read more

Will You Really Help to Fund My Debt Consolidation Loan?

Question: Dear Steve, I have $40,000 in credit card debt (accruing interest) and about $10,000 currently on 0% promotions. Tried to consolidate via credit union or with Wells Fargo a several times over the years. They all declined for the same reason: too many high balances on revolving debt. Well duh, that is the point … Read more

People Willing to Lose a Limb or Listen to Nickelback to Eliminate Their Debt

Prosper, the online debt consolidation loan lender, recently conducted a pool about how people are looking at or dealing with debt. The big fact that jumped out at me was that nearly 3 percent of respondents would be willing to cut off an arm or a leg to have their debt eliminated. Seriously? Here are … Read more

Who is a Good Debt Consolidation Company to Work With? – Rondell

“Dear Steve, Im 49 years old, gross about $60,000 a year, im about $27,000 in debt want and need to get this debt off my back , tried doing it myself, writing creditors, obtaining credit reports, etc, some of my debt is so old its been sold off to other companies over and over. I’m … Read more

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 … Read more