Debt Consolidation

Debt Consolidation is one of the easiest ways to save money. 

Debt consolidation is a method of combining several small “bad” debts into one (or a few) more credible loans. On the surface, this sounds like a great idea: paying off numerous high interest loans with one of low interest. No more credit card debt? Not exactly. The low interest consolidated loan is usually spread out over a very long term, resulting in the payment of more money in the long term.

Long term, line-of-credit type loans like this have other problems, too. Since they tend to be given by larger, risk-averse institutions they are difficult or impossible to find without collateral. This means that you will have to secure it against your house, limiting your long term flexibility and harming your credit score.

The only time when this is an advisable option is when considering credit card or payday loan debt. With interest rates reaching 500% on some payday loans, this type of toxic debt should be eliminated using any means.

Other than the extreme cases where loans cannot be obtained, an easier option is to use the Debt-Snowball method.

Debt Snowball Method:

1. Arrange your debts in order from highest to lowest amounts. 2. If two are very similar in amounts, put the one with higher interest higher on the list. 3. Begin paying off debts highest on the list first (i.e. those of the lowest numerical amount). This will enable you to decrease the total increase that you’re paying and, within a short time, be paying down only a few larger and more long term debts.

We have helped several clients to reduce their debt level through the use of the debt-snowball method. It is a brilliant way to reduce debt as it provides a structure to be followed and a consistent goal which we can strive for. It doesn’t always work, though I’m afraid. A better method may be to consider debt consolidation. By rolling your debts into one, less toxic debt you can save thousands of dollars per year. It’s a simple method to reduce the amount of money you are throwing away at the banks. If you have payday loans, credit card debt, or money owed to the “wrong” people, consolidated debt is an excellent option for you. We can help you to obtain one large loan at a low interest rate. You can use this money to pay off your smaller more toxic loans and begin getting your finances back on track. See our main page for other clients who have used this method to great success.

In Texas we think that we are untouchable. The Texas way is to plow through our obstacles, but when you are deep in debt this may not be the best way for you. If you are in deep debt and need help, contact us. We can help you just like we’ve helped so many others.

16 thoughts on “Debt Consolidation

  1. I would like a 6-7 year installment loan for
    debt consolation. I’ve endured some difficult some unfortunate problems during the last 7 years, including serious medical
    issues and damage to my home. I feel if I were permitted to consolidate these expenses (I am also intent upon relocating from Michigan to Oklahoma to establish a new business, I would be able to begin a new life. I have had no bankruptcy throughout my life. And I am quite excited about building a life around my special forte: cartoon. No lender would be disappointed.

  2. I have questions about your programs. I have 1 payday loan in collections,credit cards in collections or charge off, medical bills in collections on my credit report. Which way or option is best for me? I am on social security disability.

  3. i need to borrow a 100K to pay off all my debt and put some cash in the bank.. I am military and i get a steady paycheck; however bad decisions, and divorce has caused me to rack up a ton of bills from loans.. need help ASAP! My credit score is 580..by reducing my monthly payments , I just want to breathe and no longer stress of this..if you can help , please contact me.. thanks again.

  4. I am in need of a 250k debt consolidation loan for a term not to exceed 6 years, and with a fixed interest rate. Please let me know if there are options.

  5. I would like to borrow 55000.00 to consolidate debt. My fico score is 580-600. I got behind on my bills due to being unemployed for the last 2 months. I will be starting a new job next week
    that will able to more than cover my expenses and pay back the loan. I do own a home but
    I do not have enough equity at this time

  6. I need borrow 6000.00 dollars to consolidate 6 payments into one. I have had some late payments since both my wife and I have been going to college. We both graduate this month and I will be getting raise and so will she. My credit score is low but with catching these payments up it will bring up my score.. Any help in this matter would greatly appreciated.

  7. I need $50,000 to consolidate a couple of installment loans and credit card debt. I have not been late on any payments. My FICO score is around 695. Please let me know what options are available. Looking for monthly payments for $1000 or less. If possible 7 to 10 year terms would be great.

  8. I need a loan for $8,000 to catch up on bills including 3 payday loans that are killing us. Please can someone help us? We have good income, just bad credit.

    1. need a loan for $8,000 to catch up on bills including 3 payday loans that are killing us. Please can someone help us? We have good income, just bad credit.

  9. I have a lot of bills between vehicles loans and credit cards. I pay around $5000/month for all. My family and I are moving to Alaska. I want one loan payment so we can finance a house and still pay much much less between the two than I am paying for everything now. If you look at my payment history it is top notch. Looking for a $200,000 to consolidate everything and put a down payment on a house. Thank you for your consideration.

  10. I need to borrow 400,000 to consolidate all my bills to one monthly payment, is there anything out there like that

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