When it comes to getting out of credit card debt, most people want a quick and easy debt consolidation loan.
Advertisers show it’s simple. They use words like: One balance, one interest rate, and one simple low payment.
The best place to start, and end your search is where you do your banking. If your bank can help, it might be with a debt consolidation loan, mortgage refinance, or unsecured line of credit. Regardless, always start and end your search for a debt consolidation loan with your bank.
Why? Simply put, you can’t borrow your way out of debt if your credit isn’t good enough.
I’ve talked to many people over the years, and the ones that have been successful in getting a debt consolidation loan, with a low interest rate, always did it with their bank. Those that got stuck and ended up using high interest debt consolidation loans didn’t always fare out so well.
I talked to a graduated client of ours not long ago, his name is Dale. I was actually talking to him about his experience with my company. During the review, he revealed, quite surprisingly, why using a debt consolidation loan, didn’t work out for him. You can watch the video below where he reveals how he was paying almost 40% interest due to bad credit.
So if you have bad credit and want to consolidate your credit card debt with a new loan, the moral of the story is this:
- Always start and end with your bank
- If your bank can’t help, DO NOT borrow money at interest rates higher than what you are paying on your credit cards currently
- When you are over your head, recognize it, and get professional help.
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