Debt consolidation has taken as bad a turn as have mortgage loans a few years back (yeah it's been only a few years since your home's value plummeted!).

Why the Bad Rep?
Google debt consolidation and the first result will tell you about how big a mistake it is, the second is from a debt guru that's trying to sell you on his system (sorry Dave, we still like you), and the next non-sales site is Wikipedia!
So backtrack a few years back and you run into some of the survivors of the industry that promised you the American dreams for pennies (although, some of us should have known better!) and they are at the same game again.

Let's take this play by play

so you:

1. Are struggling with your debt (why else would you be looking at this?!)
2. Have high interest rates (duh!)
3. Just want to consolidate into ONE payment per month instead of 16 (Us too!)
4. Want to keep that good Credit Score

Well here's the obvious:

• If you are struggling with debt what's your credit utilization like?
• If you are utilizing too much credit what are the chances of receiving favorable interest rates on a debt consolidation loan?
• If you average your rates now, and average your loan rates with the loan (plus the fees) what is your full advantage of getting a debt consolidation loan compared to what you are paying now?

Here's another thought for you:

You are struggling financially with your unsecured debt. How smart is it to take your unsecured debt (meaning it's only tied to your credit) and tie it down to some property (like your home)?

So you just wanted to save your credit score, but if you default on your loan (which is now secured) you stand to lose that property; whereas before you only stood to lose your credit.

Is your home a big enough premium to lose for the sake of your credit score (which, by the way, you will lose along with your home)?

We're sorry but we just can't find resources that are not junk! Please contact your local bank. If you have suggestions please contact us as we will continue our search!