Consolidating loans with bad credit

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And while our site doesn’t feature every company or financial product available on the market, we’re proud that the guidance we offer, the information we provide and the tools we create are objective, independent, straightforward –- and free. " Debt consolidation is a strategy to roll multiple old debts into a single new one.

We believe everyone should be able to make financial decisions with confidence. This may influence which products we review and write about (and where those products appear on the site), but it in no way affects our recommendations or advice, which are grounded in thousands of hours of research. We're on your side, even if it means we don't make a cent.

Many of these options work hand in hand with or as part of a larger debt reduction program, but in general, these are your choices: Debt Settlement: Settlement is the process of negotiating with your creditors in hopes of reducing the total amount of debt you owe them.

While you can undertake this process on your own, many people choose to hire a professional debt settlement company or lawyer to negotiate on their behalf.

With bankruptcy, you officially declare that you cannot pay your debts.

To pursue bankruptcy, you must qualify and complete the entire process, including pre-filing and post-filing counseling.

Ideally, that new debt has a lower interest rate than your existing debt, making payments more manageable or the payoff period shorter.

Options to consolidate your credit card and other debts include a balance transfer credit card, an unsecured personal loan, a home equity loan or line of credit and a 401(k) loan.

Because there is no general industry consensus as to what the best ways to manage debt are, we have narrowed down your options.Debt Management Program: These programs often work hand in hand with credit counseling.During this program, you receive financial counseling and meet with a financial advisor.New Era Debt Solutions is another standout company.It has flexible programs that don’t have a minimum debt requirements.

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