Consolidation loans

Are consolidation loans considered to be bad? Are they looked at in the same light as credit counseling? I was just hoping that I get a consolidation loan to pay off my credit cards. Any thoughts?

2 Answers

Consolidation loans and credit counseling are 2 different things. You can obtain a consolidation loan from a bank/financial institution provided you have a decent credit score. Lender will charge low interest on the loan if you can pledge collateral against it. Just check out the loan terms and conditions before taking it out.


IF you can qualify for a loan to pay off your credit cards, it is not at all negative.  You would have a new loan with the balances on the credit cards paid off.  HOWEVER, it is not easy to get these types of loans.  Most lenders will not lend any more than $5k unsecured and then you have to have excellent credit.

How to Deal with Illegal Loans..OhioGal's Primer
http://www.debtconsolidationcare.com/paydayloan/dealingwith-illegallenders.html
PDL's are ILLEGAL in the following states...
AR, AZ, CT, GA, ME, MD, MA, NJ, NY, NC, PA, VT AND DC
OH AND NH have very restrictive low cost interest rate laws.

SOL for all states
http://www.debtconsolidationcare.com/statute-of-limitation.html

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