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Is debt consolidation a good idea?

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pmbrian
Contributor

Re: Is debt consolidation a good idea?

What are your minimum payments in total per month?


03/25/20 - FICO 8 EQ - 709 TU - 717 EX - 718


09/02/19 - FICO 8 EQ - 702 TU - 699 EX - 714
Message 11 of 13
MarineVietVet
Moderator Emeritus

Re: Is debt consolidation a good idea?


@pmbrian wrote:

A DMP will trash your credit, as they negotiate with your creditors for less than the full balance. 

 

Although trashed credit may not be so bad for you as you have gotten yourself in a hole with credit (as i have too) so you don't need any more credit :-)  How much is your income?

 

You are going to need to get a second job or increase your earnings at your current job and Benjamin is right - attack the smallest first and then snowball it on the other ones.

 

Sell anything you can - eat beans and rice - and check out Dave Ramsey - changed by financial life :-)


Not necessarily. A Debt Management Program is different that a Debt Settlement Program. Here are some older threads talking about the pros and cons of DMP's.

 

 

 

From a BK years ago to:
EX - 3/11 pulled by lender- 835, EQ - 2/11-816, TU - 2/11-782

"Some people spend an entire lifetime wondering if they've made a difference. The Marines don't have that problem".

Message 12 of 13
Anonymous
Not applicable

Re: Is debt consolidation a good idea?

Yes, I am in the process of finding a second job now. I feel its the only way. Thanks for the advice too. 

Message 13 of 13
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