No. of Recommendations: 2
I would like very much to consolidate some remaining bills I have left, so I could just get them into one payment.

In researching this online, I see there are a LOT of companies that claim to have personal unsecured loans available...I'd like to get a loan for about $5,000-$6,000...

Would appreciate any help, suggestions, or advice.



I've never understood the advantage of consolidating several loans into one. Except for saving the price of the postage stamp to mail in the payment (which nowadays is often online anyway), you still owe the same amount total, and maybe more with the loan due to origination and other fees.

If you have several loans, pay them off this way:
-Pay the minimum on all loans,
-If one of the loans has an onerous interest rate (some are 24%!), put all extra money towards that,
-Pay extra towards the smallest loan when they're all about the same rate,
-Once one loan is paid off, plow all money into the next lowest amount one

It made more sense to me to order loans by interest rate, but apparently there's a psychological benefit to knocking out loans, and starting small gets you there fastest. "People factors" supersede the math, but if you're paying off debts one way or the other, you're making headway.

If the reason for consolidating loans is to decrease the amount paid out per month, realize that extends the payback period out farther. Also, if you go with a home equity loan, you're putting your house on the line.
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