Debt consolidation loan

MEM62

Superhoopza said:

This answer of "no, consolidation loans are bad" is really frustrating.

Superhoopza said:

The post above mine, all negative views without highlighting one positive.

So you are referring to my post?  Re-read it and it does not say "no, all consolidation loans are bad".  What it does address are some of the reasons why a lot of regular posters would not recommend them.  These reasons are perfectly valid and this is the point I chose to make - that, in many cases, consolidation loans fail to assist those in debt.  I am not obliged to present all sides of the debate.  There will be plenty of other responses for the OP to consider.  The variety of views and opinion is the benefit of an open forum, along with the fact that those reading can either ignore or absorb them as they see fit.  

Nasqueron

MEM62 said:

Superhoopza said:

This answer of "no, consolidation loans are bad" is really frustrating.

Superhoopza said:

The post above mine, all negative views without highlighting one positive.

So you are referring to my post?  Re-read it and it does not say "no, all consolidation loans are bad".  What it does address are some of the reasons why a lot of regular posters would not recommend them.  These reasons are perfectly valid and this is the point I chose to make - that, in many cases, consolidation loans fail to assist those in debt.  I am not obliged to present all sides of the debate.  There will be plenty of other responses for the OP to consider.  The variety of views and opinion is the benefit of an open forum, along with the fact that those reading can either ignore or absorb them as they see fit.  

Agreed, it's great to be idealistic about consolidation being a solution to debt problems but doesn't reflect the reality - people may not use the loan for the debt, they may simply run up the debt again as their cards are now free of debt, they don't address the underlying cause that ran up the debt in the first place which won't go away just because there is one debt - indeed, the single lower payment is often sufficient to encourage more of the same. The example I like to cite is Ocean Finance - back in the day - a family drowning in debt, Ocean Finance advert pops up on TV and they consolidate and start planning a holiday

Example here  - couple consolidate 23 debts, instead of dealing with their (new, more expensive - 8.9%-19.9%, typical 12.5%) debt, they "put a floor in, knocked some walls in, put some doors in" or the lady who consolidated and then "had enough left to go on a family holiday" - it's ridiculous, encouraging irresponsible borrowing and suggesting people spend the money they're "saving" on unnecessary rubbish.

Pay the debts down, go to the debt free wannabe page, cut your cloth accordingly, borrowing to pay debt is not the solution

Superhoopza

MEM62 said:

Superhoopza said:

This answer of "no, consolidation loans are bad" is really frustrating.

Superhoopza said:

The post above mine, all negative views without highlighting one positive.

So you are referring to my post?  Re-read it and it does not say "no, all consolidation loans are bad".  What it does address are some of the reasons why a lot of regular posters would not recommend them.  These reasons are perfectly valid and this is the point I chose to make - that, in many cases, consolidation loans fail to assist those in debt.  I am not obliged to present all sides of the debate.  There will be plenty of other responses for the OP to consider.  The variety of views and opinion is the benefit of an open forum, along with the fact that those reading can either ignore or absorb them as they see fit.  

This is the problem I have. You are pushing your agenda/opinion instead of a balanced argument. The OP has asked "Would it be good to get a debt consolidation loan or just attempt to pay what I can", so they have asked an open question yet you have admitted to giving a one sided view. 

Superhoopza

Nasqueron said:

MEM62 said:

Superhoopza said:

This answer of "no, consolidation loans are bad" is really frustrating.

Superhoopza said:

The post above mine, all negative views without highlighting one positive.

So you are referring to my post?  Re-read it and it does not say "no, all consolidation loans are bad".  What it does address are some of the reasons why a lot of regular posters would not recommend them.  These reasons are perfectly valid and this is the point I chose to make - that, in many cases, consolidation loans fail to assist those in debt.  I am not obliged to present all sides of the debate.  There will be plenty of other responses for the OP to consider.  The variety of views and opinion is the benefit of an open forum, along with the fact that those reading can either ignore or absorb them as they see fit.  

Agreed, it's great to be idealistic about consolidation being a solution to debt problems but doesn't reflect the reality - people may not use the loan for the debt, they may simply run up the debt again as their cards are now free of debt, they don't address the underlying cause that ran up the debt in the first place which won't go away just because there is one debt - indeed, the single lower payment is often sufficient to encourage more of the same. The example I like to cite is Ocean Finance - back in the day - a family drowning in debt, Ocean Finance advert pops up on TV and they consolidate and start planning a holiday

Example here  - couple consolidate 23 debts, instead of dealing with their (new, more expensive - 8.9%-19.9%, typical 12.5%) debt, they "put a floor in, knocked some walls in, put some doors in" or the lady who consolidated and then "had enough left to go on a family holiday" - it's ridiculous, encouraging irresponsible borrowing and suggesting people spend the money they're "saving" on unnecessary rubbish.

Pay the debts down, go to the debt free wannabe page, cut your cloth accordingly, borrowing to pay debt is not the solution

Agree with all of this. Except one thing, the OP may be using this to reduce their rate of interest and therefore reducing their debt. 

MEM62

Superhoopza said:

MEM62 said:

Superhoopza said:

This answer of "no, consolidation loans are bad" is really frustrating.

Superhoopza said:

The post above mine, all negative views without highlighting one positive.

So you are referring to my post?  Re-read it and it does not say "no, all consolidation loans are bad".  What it does address are some of the reasons why a lot of regular posters would not recommend them.  These reasons are perfectly valid and this is the point I chose to make - that, in many cases, consolidation loans fail to assist those in debt.  I am not obliged to present all sides of the debate.  There will be plenty of other responses for the OP to consider.  The variety of views and opinion is the benefit of an open forum, along with the fact that those reading can either ignore or absorb them as they see fit.  

This is the problem I have. You are pushing your agenda/opinion instead of a balanced argument. The OP has asked "Would it be good to get a debt consolidation loan or just attempt to pay what I can", so they have asked an open question yet you have admitted to giving a one sided view. 

I am not pushing anything.  Why is expressing my opinion (I have no agenda) a problem?  I am not a BBC journalist with an obligation to explore both sides of the argument.  I am a responder to a post on a open forum giving my opinion, my take on it.  If that is of no use or interest to the OP then they move on a read the other replies / points of view.   

    

fatbelly

OP hasn't been back for ages. I'm unsubscribing and suggesting the thread is closed