Credit Card Debt	$ Select One 0 1 - 2,499 2,500 - 4,999 5,000 - 7,499 7,500 - 9,999 10,000 - 12,499 12,500 - 14,999 15,000 - 19,999 20,000 - 29,999 30,000 - 39,999 40,000 - 49,999 50000+
Other Unsecured Debt	$ Select One 0 1 - 2,499 2,500 - 4,999 5,000 - 7,499 7,500 - 9,999 10,000 - 12,499 12,500 - 14,999 15,000 - 19,999 20,000 - 29,999 30,000 - 39,999 40,000 - 49,999 50000+
Number of Creditors	Select One 2 3 4+
Status of Bill Payments	Select One Up to Date About to Fall Behind 1 Month Behind 2 or More Months Behind
I want to	Select One Eliminate My Debt Consolidate My Debt Seek Advice
Own a Home?	Yes  No

Finding a Suitable Debt Solution

Debt and especially credit card debt tend to rapidly grow and therefore should be reduced as a first priority to avoid bankruptcy. When you have a poor credit score getting a Bad Credit Debt Consolidation Loan can be the best debt solution available for you. The advice offered by most financial advisors is that debt should be consolidated only after contacting a credit counselor and finding that no other debt management option is available.

You can get a debt consolidation loan by applying for:

Due to your bad credit ratings sub-prime lenders will quote relatively high loan interest rates. By refinancing a mortgage or getting a home equity loan you will have a better chance of getting a lower loan rate.

How do Bad Credit Ratings Influence the Debt Consolidation Loan's Rate?

Poor credit ratings indicate that you have trouble paying your bills on time. Lenders want to minimize the risk of losing his money and therefore can reject your debt consolidation loan application. Sub-prime lenders offer solutions for people with bad credit ratings by providing debt consolidation loans, but with higher interest rates.

Naturally, you want a low interest loan rate and there are a few ways to do so. Because of your bad credit score you can get a decent debt consolidation loan rate by repairing your credit score or by choosing a shorter repayment plan. By comparing lenders and rates you will find that some lenders have better offers than others. Be sure to look at the payment terms and not only at the loans interest rate.