Consolidating personal loans
You can transfer the balances of the high interest accounts to the no interest card.
If you have debt with high interest rates you know that a large amount of your monthly payment goes towards interest. Debt consolidation loans are a great way for people to get a low interest loan to pay off high-interest debt.
So, if you have bad credit what are your options for consolidating your debt? Transactions are not always black and white, relationships play a big part in a credit union.
If you have been with the same credit union for a long time the likelihood of getting approved for a debt consolidation loan with poor credit is increased.
If you have low average to bad credit (below 660 credit score) you may still qualify for a debt consolidation loan but the interest rate will be high.
Rates can be as high as 30% in some cases defeating the purpose of a debt consolidation loan.
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.