PostHeaderIcon Will any debt consolidation company include secured debts like cars and educational loans into the program?


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Will any debt consolidation company include secured debts like cars and educational loans into the program?
Is it uncommon, does anyone know of one?

3 Responses to “Will any debt consolidation company include secured debts like cars and educational loans into the program?”

  • MoneyMonkey says:

    Try the only reputable company, Consumer Credit Counseling. But, before you do this read Dave Ramsey’s book, Total Money Makeover. Debt consolidation is equal to filing for bankruptcy on your credit report. You can manage your debt if you just get on a written budget, get rid of the credit cards, and start living within your means. Read the book, and get a plan, then pay off your debts in an organized way as described. If you can go through FInancial Peace University, it’s a great way to get control of your finances.

  • Elo says:

    Yes as long as you have the account number they will get in touch with each creditor. But just as the personabove me stated consolidation IS considered a from of bankruptcy and NO ONE will approve you for anything while you are on it. I wasn’t told this when I did it..found out from a car dealership. So if its substantial, you may want to file bankruptcy where you do not pay it back.

  • rob_n_tx2 says:

    A consolidation loan would for sure include any secured debts such as auto loans… The lender will need collateral and unless you are obtaining a home equity loan, autos and other such items will be used for collateral. I would doubt that educational loans would be included… due to the fact that they usually carry some kind of government guaranty and would be unsecured amounts if the lender consolidating you debts paid them off. Also educational loans are usually for long terms and low rates, therefore it would most likely not be beneficial to you to include them into a debt consolidation. I would think you would want to include all of your credit cards balances if you have any plus all of your other loans such as auto, furniture, boats etc…consumer goods.

    If you do obtain a consolidation loan you will want to make some changes. You need to adjust or lower you spending habits. Do away with expenses you can do with out… You should prepare a budget that covers your bear necessities, plus include some to put into savings for emergencies. And the next thing that will help is to increase your income .. either by a higher paying job or a part time job… Bottom line is make a budget and learn to manage on what you have…. There is an old saying “Its not so much how much you make, but how you manage what you do make.” I wish you the best… just make you your mind that you can manage and do it.

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