Consolidation loans
Interested in a consolidation loan, about $3000 of debt, and my credit is less than perfect. Small amount of student loan outstanding. Best course of action?
Terry Says
You do NOT want a consolidation loan! What you want to do -- if your credit is good -- is to roll your balance into another credit card that will give you at least a 12 month grace period with NO interest. Find one at www.Bankrate.com under "balance transfer cards." Then CLOSE the existing account so you aren't tempted to charge it up again. And use the grace period to pay double the minimum monthly payment to pay down this debt. You aren't in trouble yet, but you could be! What I am suggesting comes at no cost to you -- but does require discipline. And if you need advice on budgeting and financial planning contact Consumer Credit Counseling Services at 800-388-2227. This will put you in touch with your nearest local office. You can trust them. They are NOT a loan consolidator.
