I don't trust debt consolidation loans.
I agree with Cal-Kid.
If you don't listen to Dave Ramsey, google him and then start
listening. He has great advice. It works. My husband and I
have been following him for years and we are debt free except
for our house and one car. We were able to retire earlier than
most people and I have my house on the lake I always wanted. And
we didn't choose an expensive house. We got one that fit in our
budget and fixed it up.
Two of my kids went through college without having to get a loan
and the third is in college and may have to get loans only
because he is looking to transfer to a private school. (Ramsey
doesn't recommend private schools, but my son is adamant so he
will have to pay for it himself.) And we did this on a teacher
and cop's salary.
Dave Ramsey's ideas really work.
n 1/28/16, Cal-Kid wrote:
> On 1/28/16, Bill T nc (retired) wrote:
>> I have been talking with them about doing a debt
> consolidatio
>> n loan
>
> No I do not. I would look for hidden fees and costs with
> funny names. In other words I would have red flags up.
>
> I would make a chart, do a time line, and pay down the most
> expensive loan/interest rate you have. Then work on the
> others.
>
> Do you have a credit union you could trust?
> Cut up all the credit cards except one and pay it off. You
> need one card just for a million reasons.
>
>
> Good luck to you.
>
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