You are approved!! These are the words that I had been longing to hear for a couple years and I finally heard them!! Let me just say this was a big decision for me. Those times where I will want to go to Lord and Taylor and buy those boots I’ve been eyeing are no more unless I have the cash for it! Honey, let me tell you, this is going to be an interesting year!

Sidebar: Have you been there? I know some of y’all have. You go to one of your favorite stores and you see something that you absolutely love but can’t afford, but then you realize you have extra room on your credit card, and tell yourself “Oh, I’ll pay it once I get paid,” or “I’ll just pay more than the minimum to pay it off.” Or, “I need to treat myself. I deserve it.” Come on, I can’t be the only one that’s been there.

Anyway, I was approved for Debt Consolidation and it will save me thousands of dollars to pay my debt down to one lender, with one payment, and a much lower interest rate than I had been paying. I’m using the picture above for motivation over the next three years while I pay my DC loan off when I am feeling discouraged and have the urge to use credit. There was a lot I had to think about, and if DC is something you are thinking about, take a look at the pros and cons: 

Financial experts are pretty divided on the issue for a number of reasons. Let’s look at the pros and cons:


  1. If you have many creditors to pay to, it can be hard to keep up with all the payment due dates. Debt consolidation allows you to pay one payment to a lender.
  2. A lower interest rate can save you BIG  money over time.
  3. A large loan and consistent on time payments can greatly improve your credit score. When you are ready to buy a new car or purchase a home, your credit history will be favorable among lenders.


  1. Depending on  your level of motivation, you may only be  treating a symptom, and not getting down to the root of why you are spending. This is a legitimate concern. While debt consolidation can lower your payments and help you eliminate debts, if you are not dealing with yourself and your spending habits, you may be creating a much bigger mess for yourself. Those credit cards are paid off, but you still owe the loan ender. If you open more credit cards or use your existing ones,  you will be in for a long haul.
  2. Depending on how much you owe, you may end up spending more over time with a loan than paying each creditor separately.
  3. Depending on  your credit history, and the loan amount, you may not be eligible to get a loan. If that’s the case, pay down your debts for about a year and reevaluate whether you want to apply again.

Debt consolidation is not for everyone, but it is going to work for me, primarily because I am committed to changing my spending habits. Consider your options and think what may be best for you . I also HIGHLY suggest that you talk with local credit unions and nation banks to find out what can be offered before seeking out a debt consolidation company.

What are your thoughts on Debt consolidation?

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One thought on “Approved!!

  1. Maya Crane: Ex-Superwoman says:

    I did debt consolidation when I was out of college/first real job. At the time I thought it was a great idea, but one of the things I didn’t look at was how it was effecting my credit score every month. Technically my credit cards were closed, however my credit score was still being affected by at least one of my cards, which was hurting me to really in the long run. So I stopped and talked to the creditors and was able to get a better payback loan without it hurting me trying to rebuild my score.And I agree with you saying it’s not for everyone, just make sure you read all the details. Good Luck!

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