I was reading this article but I did not find anything related to debt consolidation. I want to get a brief knowledge of it. Once I visited and they were saying through their article that before consolidating multiple debts you need to take the advice from an expert in this field, technically they were right. But I want to make the decision about whether I should go with this theory or not. Look my background is bio-science and I don't know much of it. I need knowledge, not any advice. 

Regards,

Bob

Last edited by Bob Swift
Original Post

@Bob Swift Here is the new topic I created from your reply on my post.

If I understand correctly, you are looking for a basic understanding of what debt consolidation is and how it works?

Instead of consolidating your debt, you might want to look into a debt relief program. I worked with Freedom Debt relief and paid off $35000 in credit card debt in 3 1/2 years.

I am proficient in Debt Consolidation Loans!  I have gotten all different types.  Loans from credit unions, loans from Lending Club, Best Egg, Upgrade, etc.  I've also refinanced my car before to use to consolidate my debt.  My biggest piece of advice to give you is, choose a loan that doesn't have an origination fee.  My experience with loan sites like Lending Club, Best Egg and Upgrade are that they take a big chunk of money as soon as your loan is approved.  That means, if you have a specific balance you are needing, you will get an amount that is remaining after they take thousands for their origination fees.  Plus the interest rates can be unreasonable.  However, consolidation is still the best thing I've found to help pay down debt.  You take all your balances and put them in one place, with one interest rate, with one payment.  It's great.  Just be smart about it.

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