Karen Updike (farenthoughts) wrote in anticonsumerex,
Karen Updike


Hi everyone, I'm new here. I was looking for information about Debt Consolidation. I wondered if it was just a bad idea. I don't know anyone who's tried it and I'm worried it might be a scam of some sort.
If anyone has any info., please help.

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I have had borrowed a very small debt consolidation loan years ago to pay down some credit cards. Quite frankly, I found it to be more costly than paying the credit cards individually, and eventually had to into a debt repayment program. Most banks offer them, but the terms are restrictive and they reject the people who are in real need of them. I think they can work only if the old accounts are closed down after paying them off.