Need debt consolidation loans for bad credit?
If your debt is steadily rising and your credit score has been damaged, you may be looking at a debt consolidation loan as a way of addressing the problem. But debt consolidation loans for bad credit can be a risky proposition, and it’s wise to talk to a certified credit counselor before taking any action.
By consolidating a variety of debts with high interest in a new low-interest loan, debt consolidation or debt relief programs should help to reduce the amount of interest you’re paying each month, enabling you to pay the debt down faster. But debt consolidation loans for bad credit don’t always work out that way — you likely won’t qualify for the lowest debt consolidation rates if your credit is bad, and you may have to pay significant fees on top of that. And unless you are simultaneously taking steps to address the reasons you initially got into debt, debt consolidation loans for bad credit may not help you get out of debt at all.
That’s why, as you consider debt consolidation loans for bad credit and other ways of reducing your debt, it’s important to get objective advice from a financial professional. That’s where American Consumer Credit Counseling (ACCC) can help.
Get advice on debt consolidation loans for bad credit from ACCC.
ACCC is a nonprofit organization that provides free credit counseling and low-cost debt management services to individuals and families seeking to get out of debt for good. Over the past two decades, we have helped thousands of consumers find their way out of debt and learn to manage money in order to remain debt-free.
When you contact us for your free credit counseling session, our certified credit counselors will analyze your finances to get a clear picture of your situation. We’ll then fill you in on all the strategies and options for paying down your debt, including debt consolidation loans for bad credit. Finally, we’ll help you choose the credit debt solution that makes the most sense for your financial goals.
An alternative to debt consolidation loans for bad credit
After reviewing your finances, your credit counselors may recommend a debt management plan as an alternative to debt consolidation loans for bad credit. In a debt management plan with ACCC, rather than taking on a new loan to pay off old loans, you’ll work out a plan to pay your debt down over time, working off a budget you can live with. You’ll make one payment each month to ACCC and we’ll pay each of your creditors for you. This simplifies your finances, reduces the stress of owing money, and lets us work with your creditors to seek possible reductions in interest rates, finance charges, and other fees that can reduce the total amount you owe.
Learn more about debt consolidation loans for bad credit at ACCC, and get answers to your questions like “How do I pay off debt more quickly?” and “How do I consolidate loans most effectively?”