Debt consolidation?
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Debt consolidation is probably the worst financial mistake people make especially with student loans or with government loans for houses. You get a cheaper rate and it can be forgiven if you work in a depressed area for a few years. Some are just forgiven. Once you borrow the money and pay it off your stuck. so many come in later and say how do I get it back?
Before doing so ask someone who has done it.
Big mistake.
I'd be interested to know as well
Please understand that consolidating your debts will not get you out of debt...it will only put everything on one account with one payment. Depending on when you got your student loans, the rate may be better on them than you can find anywhere else, it may be better to leave them. Bank of America has a credit line program which will term out the amount you borrow, so you have a payoff schedule instead of just plugging away at it...but if you do this, you need to be very disciplined about credit and not run up more debt, or you will have a compounded debt problem.good luck.
Debt CONsolidation is a method of CONing yourself into thinking you have paid off a debt you have only renamed. If you learn to live on less than you make and apply the rest to your debts, you will pay them off without CONsolidating. If you don't, CONsolidating won't get you out of debt.
Whether you consolidate the student loans or not you'll still be in debt, you'll be paying less each month, but you'll still be paying on the loans until they're paid off and paying the credit card payments until it is paid off (assuming you stop buying things using your credit card.
With the card you just have to stop buying things with it AND pay as much as you can each month. That way, depending on how much you are able to pay each month, you could have it paid off in a year or two. After it is paid off entirely you will no longer have credit card debt. And you really need to work on a budget in order to create a plan to keep you out of out of debt.
With the student loans you can consolidate them and get a lower interest rate or a longer term, either of which will decrease your monthly payment. As with the credit card you will still be in debt until the loan(s) are paid in full. Really all you can do today is to lower your payment.
For help with student loan consolidations go to http://www.studentsandcredit.com/loancon...
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