Many people looking for debt consolidation loans with bad credit profiles contact their bank or credit union first.And while it makes sense to do business with an institution that you already know and trust, you may be disappointed if you get turned down for a loan.
If the numbers aren’t right, you’d be foolish to pursue credit consolidation.
However, there are specific instruments called debt consolidation loans, offered by creditors as part of a plan to borrowers who have difficulty managing the number or size of their outstanding debts.
Creditors are willing to do this for several reasons – one of them being that it maximizes the likelihood of collecting from a debtor.
Life can feel overwhelming when you’re saddled with loads of debt from different creditors.
Maybe you carry multiple credit card balances on top of having a high-interest personal loan.