Ask Terry Questions Consolidation loans

Consolidation loans

By Terry Savage on August 21, 2022 |

Terry are there any consolidation loans that you recommend? One option is the zero interest but I think that will hurt my credit for a long time. Any advice would help. Thank you

Terry Says

Be VERY careful of these loan consolidation offers. They typically ask you to “set aside” money you would have used to make minimum payments so they can “negotiate” a payoff. BUT, in the interim your credit is ruined!!

Instead, start by calling the National Foundation for Credit Counseling at 800-388-2227. They can set you on the right path. That number will connect you to their nearest local affiliated non-profit agency.

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