In 2017 I lost my job with a resulting $100,000 cut in pay for the job I was then able to find. The new job could not even begin to cover my expenses, including payments on previous debt, and I was forced to incur more debt as a result. It was early 2019 before I found a job with income equal to what I had lost in 2017. Eventually two of my credit cards were charged off, even though I was making payments on them, and I'm still paying them while getting derogatory notices on my credit report every month. Those derogatory notices will continue until I pay off those cards in full, according to the issuing bank, and my remaining debt is generally at interest rates of 20% or more because of the 2017 setback. My total debt now is about $55,000. Do you think it's a good idea, if I can do so, to find a consolidation loan and pay off everything to eliminate both the dings on my credit report and the high interest rates I'm carrying?


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You're better off finding an expert to help you organize your debt or a financial planner. They will tell you that you'll have to make some difficult choices. As far as a consolidation loan--it could be a challenge to get one if the lender pulls a credit report. Any information placed on a credit report will remain on it for some time even if you pay it off soon. There are a lot of resources on the internet to help. Hope things work out for you.