Debt Consolidation

  1. Wondering if anyone has had any experience with this (good or bad). Like, has anyone got screwed?? I've been searching websites, but of course, they don't tell you the negative aspects (on their own sites). I feel like there's got to be a catch. One of them stated that the fact that you are using one of these programs does not appear on your credit. Anyone???
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  2. 4 Comments

  3. by   CHATSDALE
    so you mean school loans??i know of some who did this and found it more manageable
    if you mena like credit card consolidation it will only help if you get rid of cards first if you consolidate and then run up more debts you will be deeper in the hole...and congress is passing a tougher bankrupcy law
  4. by   ProfRN4
    Quote from CHATSDALE
    so you mean school loans??i know of some who did this and found it more manageable
    No, I'm not up to that. No undergrad loans (thank god), and currently in grad school
    if you mena like credit card consolidation it will only help if you get rid of cards first if you consolidate and then run up more debts you will be deeper in the hole...and congress is passing a tougher bankrupcy law
    Have you done it? I'm looking for people who have experience with it. I have no intention of re-debting myself, after what I've been through. I have one credit card currently open (can't close it till I pay the over limit).
  5. by   Tweety
    I did a debt consolidation once about 14 years ago with my credit union. I wasn't in trouble, but had accumulated about $3,000.00 in debt after nursing school buying furniture, moving, etc. and wasn't getting anywhere paying it off. They didn't give me the money, but paid off my debts themselves, and asked me to bring my credit cards(I only had two, as well as two other loans) so they could destroy them. So for a while I had no credit card (shudder). They were lower interest than the combined other payments, and I got it paid off quicker than I would have before. My credit was very good, and was excellent after I paid this off.

    Within a short while I was debt free and got another credit card and have been o.k. since then. It was a positive experience. I did not debt consolidate because I was in trouble, which I think is the key, to consolidate prior to getting into trouble.
  6. by   ProfRN4
    Quote from Tweety
    I did a debt consolidation once about 14 years ago with my credit union. I wasn't in trouble, but had accumulated about $3,000.00 in debt after nursing school buying furniture, moving, etc. and wasn't getting anywhere paying it off. They didn't give me the money, but paid off my debts themselves, and asked me to bring my credit cards(I only had two, as well as two other loans) so they could destroy them. So for a while I had no credit card (shudder). They were lower interest than the combined other payments, and I got it paid off quicker than I would have before. My credit was very good, and was excellent after I paid this off.
    So was it actually a loan, or a consolidation? How did it affect your credit after (was it a negative on your report?) I have a loan thru my credit union now, which is quickly (IMO) getting paid off (due to the low interest rate). I wouldn't even put that in the consolidation, if I did one (It comes out of my paycheck, so it's likeI don't even miss it )
    I did not debt consolidate because I was in trouble, which I think is the key, to consolidate prior to getting into trouble.
    Unfortunately, I waited a little too long . So now that I'm in trouble, I feel it's my only way out.

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