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Bad Credit Debt Consolidation

Debt can be an all-encompassing problem: it affects our ability to get a home loan, buy a car, get insurance and stay ahead of monthly bills. And for many consumers, the rising pressure of debt can take over their lives. Fortunately, there are tools available that can help consumers gradually eliminate their debt, all while satisfying their creditors and improving their credit report over time. Through a debt consolidation loan, consumers can regain control of their financial life and prepare for financial freedom.

What is debt consolidation?

Debt consolidation is a financial tool employed by consumers all over the country. In this process, consumers roll all of their debts – credit cards, student loans, and other debts – into one large loan that is issued by a debt consolidator. By doing this, consumers have just one payment they make each month instead of several. Generally, the monthly payment will be lower, and the single loan will be easier for the consumer to manage and, ultimately, to repay. Debt consolidation loans are loans and they must be repaid. Consumers should not take the process lightly: debt consolidation is a serious process and consumers must take an honest assessment of their finances before they consider getting a debt consolidation loan. One of the fastest ways to start the debt consolidation process is by filing out the informational questionnaire here at By doing this, you'll be put in contact with consolidators who match your personal profile!

Benefits of debt consolidation

Debt consolidation is a commonly used process for eliminating debt. Through this strategy, consumers can repay the debt they have incurred through a gradual process of monthly payments. The benefits of debt consolidation include:

  • Convenience of one monthly payment
  • No more angry calls from creditors
  • Self-management of debt and finances
  • Freedom from stress of debt
  • Development of new, healthy money management skills
  • Gradual repair and improvement of credit score
  • Satisfaction of repaying debts

What do I need to know about debt consolidation?

Debt consolidation should not be taken lightly. In fact, consumers should consider it among their last resorts. It is an effective tool because debts are eventually eliminated and completely repaid, but the process can take several years and will impact your credit in some fashion. Keep these factors in mind as you consider debt consolidation:

  • Consolidation creates a loan. You must repay the loan, or face extremely harmful penalties to your credit rating.
  • Your credit could affect the type of consolidation program you're offered. Realize that you could be repaying your debts at higher interest rates than you currently pay. Check out our understanding your credit score page for more information.
  • The term of your loan could be several years. Find out if there is a prepayment penalty associated with your consolidated loan. If there isn't, you could repay the debt faster.
  • Your consolidation loan likely will affect your short-term credit. Don't use the loan as an opportunity to open up new credit cards and rack up new debt. Take this as an opportunity to regain complete control of your personal finances.
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