Consolidation Loan a good idea??

sourcrates

Dandytf wrote: »

There is nothing wrong with consolidation loans -though there should be no need to continue to use other credit methods until the loan is paid in full.

There in lies the problem.

If you can be disciplined, and not re-use existing consolodated lines of credit, then I would agree.
However 80% of the people on this forum could not do that, including myself.

As a debt solution, it's not really recommended, as the failure rate is enormous with these types of loan.

getmore4less

Consolidate or not what you need to do is start budgeting.

Many start with the SOA format as that is relatively easy, covers a year and gives a good overall picture of where things are.
(a good exercise would be to do one based on the real 2015 data and then look forward doing a 2016 one for the reformed person.

It is all about planning and sticking to the plan with spend diaries then more planningas you think of things you forgot or you spend/more/less on things.

http://www.stoozing.com/calculator/soa.php