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A 0 loan that would have cost 5 if you had paid it back in two weeks, will cost nearly 0 two weeks later and go up from there.The definition of bad credit is when you must accept high interest rates and very uncomfortable terms and conditions to borrow any amount of money.It’s a vicious cycle that feeds on itself and keeps consumers from gaining control of their finances.A debt consolidation loan is one of the most common solutions to get out of debt when you have bad credit.
In either case, if you have bad credit, it means you are considered a “high risk” and you will pay a high interest rate for any loan you get.
Debt consolidation means taking out one loan and using it to pay off all your other unsecured debts.
Debt consolidation loans simplify the bill-paying process, but they also should make things more affordable because of lower interest rates and lower monthly payments.
Or, worse than that, when lenders take one look at your credit history and completely reject your debt consolidation loan.
Lenders categorize consumers based on their credit score.Because everyone’s circumstances are different, it’s impossible to point in one direction and definitively say that you will solve your problem there. The safest solutions would come from banks, credit unions, peer-to-peer lenders that offer debt consolidation loans or from credit counseling agencies that offer debt management programs.