Bad credit debt consolidation-is it really just a click away
You hear a lot today about bad credit debt consolidation. The commercials and ads online would have you believe that help is just a click or phone call away. And, in some cases, it may be. The problem is that one of the most common forms of consolidation is a loan, and if you have poor credit that may be out of reach for you.
Of course, if you are in a bind and you are having trouble staying afloat, it never hurts to ask. Go online and do a search for bad credit debt consolidation loans and see what you can find.
Just please be very careful before you sign up with a company, or worse, pay them anything. Make sure you take some time to research the company and also read all the fine print very carefully.
There are companies around who have no problem whatsoever taking advantage of people who are desperate. They will gladly take your money and not do a thing for you in return. Be very cautious and make sure you understand how much it will cost as well as exactly what they will do for you.
Another option is to head down to your local bank or credit union. This may really be a help especially if your bank is a local bank rather than a branch from a large national bank.
Local banks usually have a little more discretion in who they can lend money to and if you have been a customer for many years and you can provide valid reasons (such as a health emergency or a job loss) for why your credit went down hill they may still be able to approve you.
The odds will go up even more if you can show them that the situation that caused the decline in your credit score is no longer a factor. Say you have a new job and a nice big savings account to fall back on in case of emergency, or you don't have very much debt, etc. These factors may help to sway their decision in your favor.
If you can't get a consolidation loan you may still have access to help. There are non profit debt counseling centers that may be able to help you. They often act as an intermediary between you and your creditors. They can sometimes negotiate a lesser fee or lower interest rates which will make it easier to pay your debt off earlier.
Most of these firms will charge a few so make sure you know what it will be before you sign on the dotted line. Again, as I said above, make sure you know just what the fees will be as well as what services will be provided for that fee.
If they will ever want additional fees that should be disclosed at this point as well.
If you are in over your head and you desperately need some help, even with bad credit, take heart. There are several bad credit debt consolidation options available to you. Just be very careful who you work with. Make sure you do your homework so you don't make a bad situation even worse.
TAGS: bad credit debt consolidation is it really just a click away, financial advice, bad credit consolidation, bad credit
Article Source: Messaggiamo.Com
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