Who can we turn to for a loan?
-D.
Dear D.,
When you have a smorgasbord of debts, life feels like a juggling act.
So many due dates, so many interest rates, so many terms and conditions to keep track of.
Then you see the claims in the ads for debt collection loans.
Get rid of high-interest credit card debt today!
One low monthly payment!
It sounds like a magic little pill that will cure all your financial ailments, right?
If only it were that simple.
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Most lenders require a credit score of at least 620.
You could try applying through a credit union, though membership is required.
No Interest Til Almost 2027?
(No, none of them paid me to say that.)
But heres the thing about debt consolidation: Often the benefit is more psychological than mathematical.
You say you want to consolidate to improve your credit score.
Did you know?
A credit counselor will help you figure out how to manage your money and debts.
Not only will these plans kill your credit, but youll also owe taxes on the amount thats forgiven.
Its easy to get discouraged when youre deep in debt and low on options for rebuilding your credit.
Building good credit doesnt happen quickly.
It requires discipline and a commitment to financial health.
And theres no magic pill for that.
Robin Hartill is a certified financial planner and a senior writer at The Penny Hoarder.
Send your tricky money questions to[email protected]or chat with her inThe Penny Hoarder Community.
It sounds appealing right?
Check it out here!