Are you seeking debt consolidation for poor credit? The great news is you have that option. There are products out there for debt consolidation for poor credit. These products will vary from secure to unsecured loans. We will take a look at the various products so that you can understand how one might help you in your debt crisis. Always know there is a solution for you and your family. You are not alone in your debt problems because thousands, even millions are suffering as you are.
Debt consolidation for poor credit means your credit scores are below a certain range, but not in the bad range. Typically this means 620 to 680, though some consider 620 to be bad. Anything below 600 is always considered bad. Poor credit is not the worst thing you could have. It is getting there, but you definitely have the option of finding a secured loan.
For debt consolidation for poor credit you may find some of the top banks are unwilling to lend you money because of your poor credit. Yet, a non mainstream bank such as a local bank might be willing to lend you the money. They might know you a little better and are willing to deal with the risk you could pose. Often smaller banks offer loans that are eventually sold to the larger banks. It is a nice cycle, so never give up on a bank secured loan if you own a home and have the equity to help you lessen your debts.
The second option for debt consolidation for poor credit will be the unsecured debt. This means you have no collateral and pose more of a threat. These loans are a bit easier to find from other lenders. They do have hefty interest rates, but you still have the one debt as opposed to the two debts. Even though the interest is higher you will be able to see some results from the loan. As long as you pay the debt on time and in full you will be raising your credit score from poor to good.