Can debt consolidation loans for people with bad credit help?
If done responsibly, they can help and may be a way to get you back on track quickly. As discussed above, having been credit puts you in a tough situation because you already dealing with minimum payments, late fees and limit fees. All of these different fees make it harder for you to get your debt under control because the interest and principal continues to compound and you never are able to catch up. Debt consolidation loans for people with bad credit is an option under certain circumstances If you can get a debt consolidation loan and combine all of your existing debts into one loan and the total payments is lower than the sum of the loans separately plus finance charges then it makes sense. You do need to commit to taking the extra money and paying down the principal. Here’s an example. It you have five loans and all of the payments separately adds up to $500 but by combining the five loans into one and the payment is now $450 even with fees factored in, then it makes sense to con
