Debt Consolidation OR Lons ??

Discussion in 'Credit Talk' started by jhones.ham, May 27, 2009.

  1. jhones.ham

    jhones.ham Member

    Hello All Member,

    The commercials scheduled television makes it sound like a debt consolidation loan will explain all my economic troubles.

    Are these loans actually the wonderful way to crack my debt issues?

    Please share your suggestion here ...
  2. woofer

    woofer Well-Known Member

    IMO NO they are not .. You are taking an unsecured credit card take and doing a SECURED debt on your home. HOw much do you owe and are you behind already and to whom?
  3. jjgross

    jjgross Well-Known Member

    Why would you go into debt to get out of debt?yeah the ads sound good,but its nothing you can't do on your own with hard work and adjustments to your life style.You have to reign in on your cash outflow in order to start your own program.
  4. woofer

    woofer Well-Known Member

    You know I just don't get why someone would PAY to get even more into debt. My cousin got into debt , and instead of letting me help him ( I also told him when the subject was brought up to NEVER go into debt to pay off a debt) he decided he was smart enough to handle his problem on his own,and that he was going to do it on his own and PAY a Debt Consolidation Company to do it for him. Guess what ? He got more in to debt, they got richer and none of his debts ever got paid! Sometimes you may be able to lead a horse to water...BUT... Woofer
  5. jjgross

    jjgross Well-Known Member

    I'm the poster child for not what to do,you pay a fee for paying off accounts that are already neg,and when your done you have a paid neg.Hello
  6. jhones.ham

    jhones.ham Member

    Hello Thanks to all share your opinion here ...
  7. apexcrsrv

    apexcrsrv Well-Known Member

    You'd be better filing for bankruptcy protection if eligible (at least from a credit report/score perspective).

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