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I have 14k in credit card debt and another 15k in student loans to pay off; both with high interest rates. I am not a home owner (I rent). I am looking for the best way to pay off these two debts without killing me financially. Does anyone have any idea’s as to whether or not I should get a personal loan from my bank (bank of america) or another lender maybe? Any other suggestions would be greatly appreciated.
thank you…

1 Thought on What’s the best way I can consolidate my debt?
  1. Reply
    Ram Financial
    December 26, 2012 at 1:48 am

    Find out if you can get a deferment on your student loans. When you are having a financial hardship you can qualify for them so check and see. Also student loans shouldn’t have high interest rates unless its a personal loan.
    Figure out the interest rates and balances of each and every debt you have. You can’t figure out where you are going with out a road map of where you want to go. Find out what all your essential expenses are going to be. You rent so no mortgage which is good, but you may have a car payment, insurance, food, etc. Find a cheaper insurance company, drive less, eat out less, do what you can to conserve the money you have.
    You are probably averaging about $ 750 – 800 on your bills alone combined. Add in extra things like eating out, or just day to day living and you may be at $ 900 – 1000.
    How much you make versus how much you are putting out?
    I never suggest getting a loan to pay another loan!! NO MORE LOANS!!!
    The best way without taking any more loans is to pay off the smallest balance 1st and move on to the next debt. Yes pay one off BEFORE you pay another. You will have more money once you pay off the 1st to move onto the 2nd.
    Talk to the student loans people about a payment plan you can afford!
    If you have any other questions feel free to give us a call at 1 866 726 2122 or visit our website at

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