I wasted $600 on a debt consolidation loan that made things worse

Signed up with this company called ClearLoans back in March to roll my credit cards into one payment. They promised lower rates but my APR actually went up from 14% to 19% after fees and I ended up with a 5-year term instead of the 2 they quoted. Anyone else get tricked by these consolidation places with hidden costs?

3 comments

3 Comments

finley7297d ago

That's the thing with these companies, they're part of a bigger pattern where everything is a subscription or a fee for something now. Feels like every service you sign up for has some hidden charge buried in the terms, whether it's phone plans, car loans, or even food delivery apps. Really grinds my gears how they count on people just skimming through the paperwork.

kevin_harris788d agoMost Upvoted

Read the fine print before you sign anything, those fee structures are sneaky and can jack your rate way up. Call your credit cards direct and ask for a hardship program instead, most will work with you on lowering the rate for a few months. I'd honestly look at a credit union for a personal loan if you still need to consolidate, they usually keep things straightforward with no hidden costs.

ray_miller418d ago

Wish I'd read the fine print instead of just the pretty pictures, my wallet sure knows better now.