Was I wrong to apply for a consolidation loan??

To preface this, my husband only pays two bills. His student loan bill and a loan he took out to pay the local hardware store when our house insurance refused to pay for a busted pipe. The rest of the bills we have acquired over the years are my responsibility to pay on time using both our bank accounts. Bills are the absolute worst part of paydays (when are they not). He has no idea how bad off we are until one goes unpaid and they start reaching out to him. Yesterday I realized that I made out too many bills and will be under in the bank so in desperation I applied for and got approved for a consolidation loan of $7k. It won’t take care of all of our bills but it will pay off some of them (I.e credit card and medical). I asked my mom if she would help me and tell me what I should do because she’s good with figuring out finances. I was not planning on telling him about the loan but this morning he came home with the intentions of doing something illegal to pay for the bills. I told him about the loan and he got upset saying we will have to apply for bankruptcy if we get another loan. I’m assuming he misunderstood when I said it was already approved so I just dropped the conversation. Now I feel like what I did was the wrong thing to do. Granted I’m not good with money but at least I’m not doing illegal things to get back on top.I feel like nothing I do is right. Please help what should I do?

Comments

  • Financial experts advise not to take out a mortgage if the contribution takes away more than half of the salary. They say that you will not be able to deny yourself everything and in a few years you will break down. But if you have enough ambition and are lucky with the profession, then you will not have to save more than a year.Financial experts are worried for good reason: if it is difficult to pay off a loan today, it will be even more difficult tomorrow. Inflation devalues wages. Therefore, when you plan to take out a loan, and especially a mortgage, you should contact specialists. Our mortgage was accompanied by specialists from https://www.Essexmoneyman.com
  • edited August 25
    The main advantages of consolidation are improved credit conditions and increased chances of obtaining a one-time deferred payment. Instead of several payments during the reporting period, the payer is obliged to make a single contribution. But I consulted with experts in the field of loans at https://www.moneyunder30.com/, and they also told me about the disadvantages of consolidating. Consolidation often involves mortgages and other large loans. If it is necessary to combine loans of different types, service organizations usually stop at less favorable parameters for the borrower.
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