Loan consolidation?

I have a lot of loans and credit card debt that I have to pay separately each month. The payments range from $40 a month to $80 a month.

I have the following loans/credit card debt:

- Student Loan A = $2000, $40 payment each month

- Student Loan B = $4000, $0 payment each month

- Car Loan = $3000, $80 payment each month

- Credit Card A = $1100, $60 payment each month (max. = $1500)

- Credit Card B = $650, $60 payment each month (max. = $750)

* It totals about $11000 in total debt I need to pay off.

I want to get a loan for about $12000 somewhere and pay all my loans off immediately and just pay the one payment a month. I%26#039;d try to pay this loan off in 6 months, hoping the new job I%26#039;m getting pays well enough. I%26#039;d also cancel one of the credit cards once they are paid off.

Will this hurt my credit, or will it eventually make it better if I make all my payments on time? Also, is this possible?

Loan consolidation?

HANG on there dude.......

You should consolidate you debt EXCEPT your student loans...

Student loans you can only consolidate ONCE, so use that shot wisely....If the student loans are at a low interest rate.... keep them OUT of the consolidation, and just get rid of the CC and revolving credit balances....

Also.. you do NOT want to close down your credit cards, as doing so WILL hurt your FICO score, ESPECIALLY if you%26#039;ve ahd the CC for any length of time. Go to Suze Orman%26#039;s site. Its a WEALTH of info on personal finance..

Loan consolidation?

No it will not hurt your credit, in fact it will make you look good on your credit report. Making your payments on time is crucial to having a good credit report.

Additionally, concerning your student loans. If the interest rate on your consolidation loan isn%26#039;t lower than the current loans. Keep the student loans as they stand and continue making your payment on those.

Loan consolidation?

You can try Prosper - an online lending community...they do allow pre-payments, so you can pay the loan back when you want (otherwise you make installment payments over 3 years).

http://www.prosper.com/join/lunyc

I first read about them in Money magazine - pretty cool idea, people get together and combine their money as a community into making a single loan.

I have used them for a loan to start a small website (and pay down some high paying interest)- you will have a much better chance of getting a loan than with a bank - and probably at a much lower interest rate.

Right now I am paying 10.5% on a 15k loan- not too bad IMO. You can take loans out for up to $30k I believe.

Make sure you make out a nice profile, and come up with a fun/interesting/sob story background to make yourself look trustworthy - it will help you improve the chance that people will bid on you (oh and a photo always helps :-) )!

Try to join a group as well - it can help lower your interest rate. Don%26#039;t forget Prosper checks out your credit history, so you won%26#039;t be eligable for lower interest loans unless you have a great background - but you can always take a higher % rate, it will probably still be lower than a bank loan (if you could get one...).

Even if you have bad credit what you will get from the Prosper community will likely be much lower than you

will get elsewhere - and it will be a secure, safe loan - not some underhanded %26#039;get hit with 50% suddenly%26#039; loan shop!

Good luck!