Poor credit consolidating mortgage
While a debt consolidation company is a great option to consolidate debt with bad credit. You will just have to call each creditor to close your account, explain your financial situation and negotiate the rate down and set up a monthly repayment plan.If you own your own home and have built up equity you can use that equity as collateral for a loan.Many people choose to consolidate debt because of the high interest rates making it hard to pay down the principal balance.
You will not be able to get any new credit until you complete the program.
A debt consolidation loan may be a great option for you.
But how do you get a debt consolidation loan with bad credit?
You may be able to qualify for a cash-out refinance with bad credit as low as 620.
There are several credit cards out there that offer a 0% initial interest rate between 12-24 months.