Currently, we have a little over 33 thousand dollars of debt (not including car or house) that we are paying monthly on. These payments total up to $1274/m. The interests vary from 0% to 27%. I HATE trying to keep up with some 25 monthly payments every month and auto draft isn't an option because of my husband's job and pay schedule.
So my question is, is there such thing as a good debt consolidation loan where i can try to borrow say 10k, pay off the interest accumulating debts, and then only have to make one payment monthly instead of the 10+ debts i could pay off with that loan. Would the interest amount on that loan ultimately make me end up paying more since the dollar amount is higher?
[I am currently working towards debt snowballing us so that we can get these debts paid off in the next couple years completely. We are a single income household and in the oilfield, so this last year was horrible financially for us.]
Submitted January 06, 2017 at 12:31PM by WorkInProgress1187 http://ift.tt/2iYVCjx
