Bad Credit Debt Consolidation Loan

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Bad Credit Debt Consolidation Loan

By: Jonathan Pike

Debt Consolidation Loans for Bad Credit

Nowadays, many people can get into a bad credit situation if they do not keep track of their income and expenditure. Many young executives suddenly find that they are being offered credit cards by various companies. Those who are sensible will find a credit card that suits their needs, sign up, keep track of their purchases, pay off their credit card bills in full each month, and ignore offers from other companies. There are others who may be dazzled by all the credit on offer and will end up with credit cards from several companies. They may easily end up making lots of purchases on credit while making the minimum payments on their cards. Then, one day they realize just how much debt they are in when they need a debt consolidation loan to get out of a bad credit situation.

At the Debt Consolidation and Debt Reduction Service, we do not give you debt consolidation loans. We help you reduce your debts by 40 percent to 60 percent and your payments by 40 percent. We see to it that you pay no interest, late fees, or penalties. We get you out of debt, and out of a bad credit situation, within three years. We ensure that you receive no more harassing phone calls from creditors by negotiating with them.

We can help you create a debt reduction plan. You begin by listing all your debts, estimating your income, and creating a workable monthly budget. You then have to find the money to pay off all your debts. We also offer credit counseling to our clients. We begin by advising our clients to stop using their credit cards-this automatically stops their debt situation from worsening. By helping you estimate your income and create a monthly budget, we ensure that you know how much you earn each month and how you spend what you earn.

You can consult us if you have debts that are over and above $5,000. You cannot hope to get out of a bad credit situation if you only pay the minimum amounts due every month-you cannot hope to get out of debt for a lifetime. If you decide to go in for debt consolidation-where the numerous payments you have to make each month are consolidated into one small sum-you can hope to get out of debt faster. If you are in a bad credit situation and need help with debt consolidation, fill out the form on our Web site. We will help you get out and stay out of debt for the rest of your life.

About The Author

Jonathan Pike

Debt Consolidation and Debt Reduction Service


sonija 27.06.2007. 17:13

Where can I find a personal debt consolidation loan for people with bad credit? I am in dire need of a debt consolidation loan and I have bad credit. I can make things work with $5000, but I do not know where to start. I have seen people with yahoo addresses claiming they can loan money but they sound fishy as it is not a company email, their emails always seem to be yahoo. Any info will help. I fell on hard times and am now able to pay my monthly bills but I cant seem to catch up what I fell behind on. PLEASE help asap. I have a 5yr old and I do not want him to suffer us loosing our home or car.


Admin 27.06.2007. 17:13

Debt consolidation is an option, and you should look into it. Just be careful about WHAT you're getting into. Some plans, because of their higher APR rates get you into more trouble than you were.

Also, some lenders look poorly upon it later on. Some institutions believe that it really is a black mark. It will depend upon the types of deals that your particular company or lender work out, and of course, your own individual circumstance. For some with absolutely NO way out, debt consolidation is a welcome option.

Take a good hard look at all the options and plans offered, and don't let a single company pressure you into something you just can't do. Make sure that you're comfortable with the plan offered before you commit to it.

In any case, it doesn't hurt to investigate debt consolidation as an option. It doesn't cost you anything to find out more information about it.

If you want a place to start your investigating, there's information and listings for debt consolidation providers on the page listed below. You'll probably find something of use there:


Zeela 22.03.2007. 03:19

Is there are good consolidation loan for people with bad credit? I have several small laons, and I would like a debt consolidation loan, but I have bad credit and no collateral. Can anyone recommend a service or program?


Admin 22.03.2007. 03:19

Generally, these loans require collateral that can be either your home or some costly property. But sometimes, you can get these loans as an unsecured personal loan. But they charge high interest rates.

When going for a debt consolidation loan, you should consider some important factors. They are: cost of taking the loan, the annual percentage rate (APR), period of the loan, and the total amount borrowed. Ensure that the debt consolidation loan charges a lower interest rate than the rate for your current loans. Interest rates are usually decided by factors like loan amount, loan terms, and personal details.

If the repayment period of debt consolidation loan is longer, you can end up paying a lot more in interest. This makes it vital to compare the interest rates and repayment periods of various lenders. Debt consolidation calculators offered by various financial organizations can be used to achieve the same.


eighb 27.07.2006. 05:11

What company or companies gives out debt consolidation loans to people with bad credit? I want to know if you personally found a company which considered your case and gave you a loan even though you have bad credit and outstanding balances. I have researched enough about counseling and debt consolidation loans. I just want to know who has actually gone through the process and which company you used. Thanks


Admin 27.07.2006. 05:11

if someone wants to get out of debt today it is pretty easy with a debt consolidation plan
however it may get a bit tricky at times, I suggest you get as much information as possible online on this first,

a good place to start in my humble opinion is:


mr. curious 29.04.2011. 19:06

Are there any places willing to give a debt consolidation loan to someone with bad credit? I am in need of a $2500 debt consolidation loan, but I have horrible credit. Are there Any places that my be willing to take a risk. My score is 515.

mr. curious

Admin 29.04.2011. 19:06

And a debt consolidation loan is NOT the answer. All you are doing is shifting debt from one source to another. If this is credit card debt, most likely, you would run the credit cards back up over time if they are still active.

What you need to do is increase your income. That means getting a 2nd or 3rd job and using that income to pay down your $2500 debt.


craigb421 10.01.2007. 16:49

What ideas do you have for someone in a bad debt situation? Probably cant get a loan to pay them off because of my bad credit? My mom has good credit and might help me out though. Still wouldnt even know where to start.

My cards are in horrible standing. At this point they are all closed accounts. They want their money in full (or a settled amount). I have a better job now and I can afford to pay 250 a month towards this.

Any debt consolidation ideas; loan ideas; debt-relief programs??!?!?!


Admin 10.01.2007. 16:49

technical difficulties is jumping the gun way too much on filing bankruptcy. You don't give enough info about your situation to recommend it yet.

It really will depend on how much debt you have. $5000? $10,000?

So lacking this info, we need to work from the other direction. You can afford to pay $250 a month towards your debts. Over a period of 5 years that will amount to $15,000. Are you willing to be saddled with this sort of debt for that long?

What are your alternatives? You can file for bankruptcy. They will look at your "disposable income" and force you to pay a certain amount each month toward your debts. It may be $250, it will most likely be more. You will be paying this over 3 to 5 years.

Therefore, it would not make sense for you to file bankruptcy if with the situation I mentioned. But if you owe a whole lot more then $15,000, you need to consider bankruptcy as an option.

Consolidation loans may be a solution for you. If you have gotten your "act" together and can show her you have learned your lesson, and can now manage your money, she may agree to co-sign a loan.

But you MUST learn from your past mistakes. Get rid of your credit cards, do not get any more credit until this debt is paid off.

If you follow this route, your next job is to determine which bill to pay. You mention that you have more then one card in collections? If they have been there for a while you may want to consider not paying them at all, and let the statute of limitations run out on them.

But I'm going to guess these are only a few years into collections. Contact these people and offer to pay the debt in exchange for them removing the negative information from your credit history. If you pay in a lump sum, ask them to discount the balance by at least 25%. If you owe $2000, offer to pay $1500 all at once.

Hope these suggestions help.


bobbo02213 01.09.2007. 17:54

I need a consolidation loan but have bad credit? I need a small consolidation loan but i have bad credit. I do not have anyone to co-sign for me does anyone know a place i could get a loan without a co-signer?


Admin 01.09.2007. 17:54

Shifting your existing debt to another loan isn't the answer. With a bad credit history, you are going to be the target of every loan scam -- not just high interest but up front fees.

Take a close look at your spending habits and figure out how to cut expenses and increase income. Get a second job -- pizza delivery seems to be pretty flexible.

Make a strict budget. Elimnate the extras -- cell phone, eating out, new clothes, premium cable and internet. Squeeze every penny out of that budget and slap it on your highest interest debt, while paying minimum on the rest. When the highest interest rate debt is paid, move to the next till they are all paid off.

It will take 2 or 3 years but you will building a good credit history and won't have to resort to high interest consolidation loans.


mrbearpro 04.08.2007. 20:33

Can I get a debt consolidation loan with bad credit? I would like to get a debt consolidation loan for my outstanding debt from closed credit cards, old utility bills, etc

I have student loans, but I would like to consolidate them separatley and not through another loan.

Also, I have an auto loan, would the loan be able to cover that as well?

Please, real answers, and no opinions/judgements.

Thank You.


Admin 04.08.2007. 20:33

You probably could however the interest rate may be high. I would start with your own bank as they know you the best. I work as a customer service agent with GMAC where I deal with people asking about refinancing all the time and I refer them to their own bank or credit union. They might be able to work out a deal because you have a "professional/personal" relationship with them.


Aaron 14.04.2010. 11:30

Can I get a debt consolidation loan with bad credit? I would like to get a debt consolidation loan for my outstanding debt from closed credit cards, old utility bills, etc

I have student loans, but I would like to consolidate them separatley and not through another loan.

Also, I have an auto loan, would the loan be able to cover that as well?

Please, real answers, and no opinions/judgements.

Thank You.


Admin 14.04.2010. 11:30

Try this site

Here you can find the best debt settlement specialist that available in your area for free


Aaron 29.04.2010. 09:09

Does getting a debt consolidation loan help my chances? My fiance and I are trying to buy a house. But no where will give us a loan because he has such horrible credit. Will getting a debt consolidation loan help his credit enough to be able to get a home loan?
Also the things that are bad on his credit are all in collections if that makes a difference.


Admin 29.04.2010. 09:09


Borrowing money when his credit is already terrible will make it worse, not better.

If you're overweight will eating a bucket of french fries with lard sauce make you slimmer or fatter?

It sounds like to need to repair what's left of your credit rating before you even think about buying a home and build a good track record to present to a lender. They want to see evidence that both you and your fiancÚ can handle your money properly.

The best plan I have ever seen for personal finance is Dave Ramsey's Total Money Makeover. I am using it to pay off $14,000 worth of debt (down from $17,000) as detailed on and it's absolutely first class.

I had to understand that it was my own financial choices over many years that occasioned my indebtedness. Your hubby to be will have to do the same and get dirt honest with himself in order for you two to build your dreams.

There isn't any chance of you both moving forward until you have repaired that credit rating. Good luck with it!

Sydney, NSW, Australia


Saj 04.02.2010. 14:20

Give the benefits of debt consolidation loan? I am planning for a debt consolidation loan. I want to know the benefits of the debt consolidation loan.


Admin 04.02.2010. 14:20

often times people do make things worse when they do debt consolidation. You need to look at all your debts. Some debits can be settled, others can be removed. If your behind on any of the debts you can usually settle for half. Go here to read about settling a debt

If you have debts that are over 4 - 7years old, depending on the state, you can simply ignore them as credit debits that old are passed the Statutes Of Limitation go here to read more

If you consolidate the debts you will have to pay all of it back instead of a fraction. They make debt consolidation sound good its really not that great as mentioned by others its just one large loan instead of many small loans.

The site I recommended is my own you can ask questions there or even email me if you need more info. I have help friends and family with this before so if you need any advice I am willing to point you in the right direction.

Best of Luck


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