I have just one question. Why? Bad credit loans to get out of credit card debt is one of the most insane things I have ever heard, but it is out there and there are actually many people that think this is the answer. If you are having debt problems, why would you want another loan anyway? It is basically moving the money from one place to the other without making any progress.
The bottom line on bad credit is you are not going to be able to get a loan, unless it is a payday loan and those are nothing but trouble. They are supposed to be short term and the fees on them are outrageous. In the state I live in most of these places have gone out of business, because the state limits them to an interest rate of 28% a year instead of the 1000+% they were previously allowed to charge.
Any loan that you get today to consolidate your debt will be secured with your home. This is essentially a mortgage and the mortgage industry is not going to be willing to loan to individuals with bad credit, especially in light of events that have occurred in the past few years with subprime mortgages. The end result is if you do not have decent credit, you are not going to be able to get a loan or a credit card at the current time.
With that being said, that does not mean that you cannot consolidate your credit card debt to become debt free. A debt management plan can be your ticket out of debt and can help you increase your credit score. You can consolidate most unsecured debts in this plan. You will only have to make one payment a month to the credit counseling company and they will take care of disbursing it to your lenders.
This is a program that does not require you to own a home or have good credit. It is a consolidation plan that will allow you to be debt free in 3 to 5 years. If this program will not work for you, many credit counseling companies have access to resources that can help you. The first step is asking for help, but it is important that you research your options careful. Some options are better than others and there are a few that are extremely risky.
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Tags: Card Debt, Credit Card, Credit Card Debt, Debt
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