I applied online for a cheap consolidation loan through my bank. I figured if I refinanced everything into one consolidation loan the repayments would be less. The bank said no. I tried again for everything but the car. No. For just the $14000 card. No again. I knew I was in big trouble. I was on the verge of financial meltdown.
I applied through a non-bank lender for a cheap consolidation loan. It was rejected for the full amount of my cards but they offered to lend me $7000 to consolidate one of them. I remember sitting there in the office filling out the paper work. and seeing the interest rate. 31%. The repayment was going to be the same as on my $15000 loan. So much for my cheap consolidation loan. If only I had walked away.
"Do you want us to apply to close that card for you?"
"No."
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