Loan Consolidation Mortgage
Is a debt consolidation loan a good idea?
We have a lot of credit card debt with bad interest rates. We can’t get the banks to agree to lower rates. We have a child about to begin college next year. We are highly mortgaged.
I am partially disabled, but my spouse works. We are getting by, but only just.
We haven’t used a credit card except for emergencies in years because we recognized the debt problem.
I am afraid of the impact of the debt consolidation on -credit score, ability to obtain any financing for my shild, and household emergencies.
A debt consolidation would run about 4 years.
I chose a company from the Better Business Bureau.
All you would be doing is moving debt around. Taking on another loan to pay off other loans isn’t how you get out of debt. Also, would you even qualify for this loan given your financial circumstances? Most times, when people opt for a consolidation loan, they still have those cards they paid off open, and within a few years, they are back in the same spot owing money on the cards and the loan.
Maybe try consulting with http://www.nfcc.org.
They are a non profit debt counseling organization that will help you organize your debts and get them paid off in 4 years if that is your goal. You will not be able to keep your cards though.