Despite me having an excellent well paying job and over ten years of employment history with the company I found that when I applied for a loan all I could get was a bad credit loan. I was never a good money manager in my youth and always found ways of spending more than I actually made even when I was well paid. My wife quickly learnt my bad habits and so by the time we were in our mid thirtys we had a nice house with a huge mortgage and an additional $40,000 in small loans credit card debts and store card debts. While the $40,000 was less than my annual salary I was having trouble paying the mortgage and all the other payments combined and was left with virtually nothing to live on for the month.

As a family we had a spending problem because we would buy things that we wanted immediately and worry about paying for them later. For a few years it was just a little troublesome but as the debts continued to rise it got to be a major problem to both of us. We really got into trouble when Sharon stopped work after having two children and all of a sudden there just was not enough money to cover everything.

A friend told me about a Debt Consolidation Loan and I immediately started making enquiries about this facility which turned out to be my saviour. I was able to consolidate all my debts into this one loan facility and the repayments were less than what I was attempting to pay as seperate loans.

It is important that you do your own research and compare all the offers before committing yourself to a particular company. The offers vary greatly and beware of the companies that contact you directly because many companies are in business purely to take advantage of people in a desperate situation. Satisfy yourself of the bona fides of the company before applying for a loan because every application for credit will be recorded on your credit report and several applications in a short period of time will send your credit score down.

After my research I wasn’t able to find anyone better than the company that had been recommended to me. Even though my own money management skills leave a lot to be desired I know a lot about the credit industry and I knew all the right questions to ask and so I was able to enter into the arrangement with confidence and within five years I was totally out of all debts apart from the mortgage. I have certainly learnt my lesson about getting into debt and my family are now living a stress free existance.