Debt Consolidation

**kmsinsa** · 01-05-2008, 09:43 PM

I was able to consolidate a few of my CC bills today through my bank. I was able to get a fixed interest rate loan with an interest rate of 9.35% for $8100 of debt. The 5 cards that I consolidated had interest rates ranging from 19% to 31%. The debt is financed for 36 months, but I plan on making double payments. This now gives me 4 debts total to focus on instead of the 9 before. All with decent (although they could always be better) interest rates.

I finally feel like I'm moving in the right direction after my separation and soon-to-be finalized divorce. Time to get focused, stay focused, and knock this debt out.

**shortcake** · 01-05-2008, 09:58 PM

Good for you, keep up the great work! Sounds like you have taken control and have a great plan. Before you know it you will be debt free.

**KJayEsq** · 01-05-2008, 10:01 PM

Well done! Just keep chipping away at it.

**Marie78** · 01-05-2008, 10:09 PM

kmsinsa, I think it's great that you were able to consolidate that much money into one low interest loan. Was it easy to get a loan through the bank? I have wondered about doing this myself, but I 'm not sure what the bank will ask for or want. Was it easy to do?

**kmsinsa** · 01-05-2008, 10:41 PM

Originally Posted by Marie78

kmsinsa, I think it's great that you were able to consolidate that much money into one low interest loan. Was it easy to get a loan through the bank? I have wondered about doing this myself, but I 'm not sure what the bank will ask for or want. Was it easy to do?

It was actually very easy for me. I applied online (although I could have applied in person as well) at the credit union that I currently use. I filled out the basic information and gave them an amount and the bills I wanted to pay off (totals). After I applied online, I received the approval letter less than a week later. I took in my last credit card statements with the current balance. The bank typed up generic letters to include with the payment they will be sending out on Monday requesting that the account(s) be closed. I was at the credit union for less than an hour to get all of the paperwork taken care of. It will be set up like a regular fixed interest rate loan. I was able to set up automatic withdrawal from my checking account so that took an additional amount off of the interest rate.

Apparently some banks go through CCCS to debt consolidate, but not all of them do.

Hope that helps