Debt Consolidation Loans

[Mac4life30]

Is there any bank or reputible company that will do a debt consolidation loan? I am tired of making 6 payments every month. I would love to have just 1 monthly payment. Is there any bank or company that can help me. So far only bank I can find is called Wells Fargo here in Florida where I live.

 

[gracie1]

Is there any bank or reputible company that will do a debt consolidation loan? I am tired of making 6 payments every month. I would love to have just 1 monthly payment. Is there any bank or company that can help me. So far only bank I can find is called Wells Fargo here in Florida where I live.

Have you looked at getting a personal loan from your bank? I did that before with m&t bank. They consolidated all my cards - but they will close the accounts.

 

[kj2mom]

I did this many years ago, I used a non profit debt consolidation company and I am soo happy so say it worked great and I have been debt free ever since. At the time I used a company called Genus that charged me $2 per card per month. I had 3 so it cost me $6 a month. They worked with my card companies to get the interest rate down, one even went down to 0. It looks like the company may be called Amercian Finanical Solutions now. Not sure how much things have changed over the last decade but it made a world of difference for me (I think I consolidated just under $30,000).

 

[Mac4life30]

but that company AFS will simply make the payments for you correct? You still have that debt spread out among the same amount of cards. I am open to anything so i am not being narrow minded however I was hoping to get a loan pay off everything and then pay the loan off. I could then close out what ever card I wanted at my discretion and Keep one on my for emergencies.

 

[gracie1]

but that company AFS will simply make the payments for you correct? You still have that debt spread out among the same amount of cards. I am open to anything so i am not being narrow minded however I was hoping to get a loan pay off everything and then pay the loan off. I could then close out what ever card I wanted at my discretion and Keep one on my for emergencies.

This is why I did a personal loan through the bank. They paid off the cards and I just paid them monthly on my loan.

 

[kj2mom]

Yes, that is correct but they were able to get the interest rates lower for me going through the non profit than getting an unsecured loan through my credit union. I don't remember now the exact rates, except one went down to nothing, but I do know the math worked out in my favor to do Genus even with the $6 a month figured in.

 

[Turk February]

Look into peer to peer lending like Lending Club. Depending on your credit score you could get a rate much better than a bank. I took out a loan from them, paid off 6 credit cards and will make a monthly payment to them that is $300 less than the combined minimums of the 6 cards I payed off.

 

[PlaneJoy1]

Discover (the credit card) also has personal loans to consolidate debt. I've never used them but get offers all the time since I have their credit card.

 

[barkley]

I would check out credit unions you have eligibility to join b/c they often offer very good programs for these purposes. with some it might be a traditional loan or consolidation onto a credit card they offer.

I know rates vary depending on regions but to give you an idea of what some credit unions offer for these types of loans-ours has either an unsecured personal loan with rates as low as 9.39%, but another way to go is with their visa card which has no fee for balance transfers, 1.9% for the first 13 months and then a fixed 13.9%. not sure if they will do it with their visa card, but when we've done personal and car loans through credit unions they knock .25-.50% off the interest rate if we have our paychecks direct deposited into the credit union with them doing automatic loan payments from the same account.

 

[chisnpeke]

Discover (the credit card) also has personal loans to consolidate debt. I've never used them but get offers all the time since I have their credit card.

This is what I was going to suggest.

 

[ksh1111]

I will second the Credit Union suggestion. I used to work in lending in a Credit Union, and some of the debt consolidation places do shady things.