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Debt Consolidation Loan?

I purchased a manufactured home about 2 years ago and I am making my mortgage and lot rental payments. I have a 15 year mortgage.I have a lot of credit card debt ( I pay about $900 a month in minimum payments). I would like to consolidate this into one payment so I feel like even if I am living pay check to pay check I am doing ok and pay them off and close the account. only want one card with a low credit limit. Plus the interest rates are high. I have good credit (approximate score 685-710 at last check) never made a late payment, or missed a payment no bankruptcy etc. So my question is should I be able to get a consolidation loan without a co-signor and is this the way to go. I would like to also purchase a new car (lease is up and need to get a new one) should I roll this all into together or do seperate loans and will that even be possible. Any guidance would be helpful thanks.

a few things come into play, biggest is the gap between what you owe on your house and what it's worth as long as you can do it and keep at leat 10% equity meaing if it's worth 150k don't go above 135k I'd go for it any mortgage company that lends on moble homes will be happy to do it, and you should save a bunch of mony on the high intrest credit cards...hope this helps Source(s): Loan officer

Bad idea taking out another loan to pay off existing debts.

Once you pay off those credit cards with the loan - the credit card bill will just pile up again AND you will have the additional loan to pay off.
If your credit is good, you can get pretty much anything you want. Go talk to your bank about it. What is the best way to go depends on what interest rate you can get. Whatever you do, however, do NOT call any of the debt consolidation loan crap you see on tv. They are pretty much all scams. Check your bank and see what they offer, and then visit other banks and see who gives you the best deal. The lower the % rate, the better! Good luck!

p.s. I would HIGHLY reconsider doing anything that involves taking on MORE debt until you have this stuff paid off. That is one of the bad things about leasing a vehicle. Now you need a new one, but getting a new car is going to add to your debt problem. If that is the case, you may want to consider talking to a non-profit credit repair organization.
I'd advise against it. You are just making minimum payments now, so that by consolidating you only increase the amount of time that you are going to be making minimum payments. After a while, you'll get an offer to refinance, and it will just extend your minimum payments. You will probably never pay off the principal, but just keep on making payments, for the rest of your life.
When using the credit card, people ignore the consequences of using the card too often. Frequent use of credit card causes bills to be accumulated and worsens your credit score. Besides lowering your credit score, you also face financial burden since the interest charged is very high.
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