Is debt consolidation possible with poor credit?
You've dug yourself into quite a hole with several thousand dollars of debt on 5 or 10 different high interest rate credit cards. Your credit score is very poor due to all the debt you've accumulated and the missed payments that have ensued. Given the scenario, you may think that you have a long road ahead of you before you'll get out of debt—and that's definitely true. You might be thinking about debt consolidation and whether or not it's even possible with poor credit. You'll find out about it here.
What is Debt Consolidation?
If you've only heard of debt consolidation, but don't know what exactly it is, it's time to learn. In simple terms, debt consolidation is a technique of paying off debt in which the person who is in debt takes out one large loan to pay off all other loans. The newer, bigger loan is typically a much more secure loan featuring a cheaper interest rate and cheaper monthly payments than the individual loans would have. As a result, hundreds of dollars can be saved every month when using debt consolidation as opposed to paying loans off individually.
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