Is debt consolidation right for me?

January 12, 2017
I am 25, married, and we have $30,000 in debt. We have temporarily moved in with family to save for a home. We own two cars and have terrible credit. We would like advice in how to repair our credit and repay debt before owning a home. We have 100% on time payments on all accounts and no derogatory marks.

Advisor answers

Having on-time payments will go a long way with your goal of homeownership. So, congratulations on this accomplishment!

The first step in debt reduction is to establish a budget. Visit for budgeting forms. Once you have identified where your money's going, you can begin strategizing on debt reduction. Visit

For a more defined answer, feel free to reach out. Good Luck!

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Linda Jacob

Linda Jacob


There are many factors that go into your credit score. Making your payment on time makes up 35% of your score, so good job!

30% is made up of outstanding debt or the amounts you owe. Have you been charging more?

Credit utilization, one of the most important factors considers the amount you owe compared to how much credit you have available. If this has increased, it would lower your score.

Length of Credit history makes up approximately 15% of your FICO score. Did you close an account that had been open for a long time? ...