Should I Get A Debt-Consolidation Loan?

Ben Popken — Wed, 26 Mar 2008 13:58:52 EDT

Consumer advocate radio show host Clark Howards thinks most people are kidding themselves when they spring for a debt-consolidation loan:

It's been my experience that when people do a debt-consolidation loan, all they really end up doing is rearranging the deck chairs on the Titanic. With one transaction, their credit card bills suddenly stop, and those people then say, "Oh, how nice, it's all so tidy now, I now just have everything on one convenient bill."

However, human nature being what it is, most of those very same people will then go and again charge their credit cards back up to where they had been. They'll then have those bills and the bill from their debt-consolidation on top of that, and then what they've created is actually much worse than the initial problem they had.

You can push the vegetables around your plate but you still gotta eat them.

Clark Howard Attacks Bank of America For Jailing Customer, Costs Millions

Ben Popken — Thu, 28 Sep 2006 19:06:02 EDT

A Bank of America customer trying to verify a check sent to him by a scammer was cast in irons for his trouble. Now Clark Howard, consumer activist radio host, has started a campaign encouraging everyone to withdraw their money from BofA in protest. Bank officials claim they're just doing their duty but Howard and his viewers aren't buying it. According to Howard's site, so far they've cost BofA over $18 million in withdrawals.

Mob justice at its finest! Love it.

(Thanks to Kieran!)

Consumerist: clark howard

Should I Get A Debt-Consolidation Loan?

Clark Howard Attacks Bank of America For Jailing Customer, Costs Millions