Is debt consolidation a good option for a debt less than $20k?

I have 3 credit cards and 1 personal loan. The interest rate on my Amex card is 25%. The interest rate on the BofA credit card is 15%. The other card is with Chase. The interest rate is 18%. The interest on my personal loan is 20%. My total debt amount is $18,000. I am thinking to get help from a debt consolidation company. However, I am not confident. Just want to get some suggestions.

3 Answers

Call and ask the program you wish to use.  However you have a promissory note with the loan and more than likely a default clause....these types of loans are more likely to sue you if you get behind.

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

So, you are telling that I will not be able to include the personal loan in the consolidation program? But, personal loan is an unsecured debt. I thought I will be able to include it in the consolidation program?


You will not be able to include your personal loan.  Amex probably will not want to participate either.

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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