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Looking for someone who has some knowledge/experience in the area. We have an annual income of just under 40K a year. We owe about 45K in unsecured loans. 25K of this is on a 6% line of credit. The rest is on credit cards (5 I believe) varying from 12%-28%. My question is that if we tried to consolidate, the consolidation loan would undoubtedly be a higher interest rate than our line of credit, so can we just get a loan for the 20K that has a bad interest rate on it? What would you reccomend for someone in our position?
P.S. - we have good credit still somehow, because we make the payment regularily… It’s just the payments are pretty much just covering interest and we’d like to get *out* of debt.
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