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Submitted by: Gerri

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Joe, An 8% fixed rate loan sounds like a good deal right now! If you've done your homework and read the fine print, then it could be a good way to lower your interest costs. (Keep a copy of all the marketing materials and the application just in case they decide to pull something...) And of course, you'll want to make sure that you actually get the 8% rate, and that it's not just an "if you qualify" promotional rate where the rate you actually get is higher. Once you consolidate, the real work will begin. I don't know the details of your situation, but since you read <i>Reduce Debt, Reduce Stress</i>, I assume you are motivated to get rid of your debt once and for all. So put the paid off credit cards somewhere where you can't get to them, start tracking and planning your spending, and really buckle down and pay off that loan. The financial counseling resources we list on our Financial Counseling page may prove to be helpful as well. Please keep us informed of your progress. We'd love to feature you as a Success Story in a future edition of the book!

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