Do you have a lot of credit card debt and are struggling to make the minimum payments each month? Well you are not alone, the average person today owes more than $9,200 on credit credit cards. Most credit cards carry high interest rates of 18% and more. With rates like that, it seems almost impossible to pay off all of your debt. If you have missed a few payments your credit may not be the best. Here we will discuss how to acquire a debt consolidation loan with poor credit.
A debt consolidation loan will move all of your credit card and personal loan payments into one monthly payment. The larger loan is usually a good idea because it will have a lower interest rate and more of your payments will be going toward the principal. Getting approved for a debt consolidation loan with poor credit is not always an easy thing to do. You are in a tough spot because you want to get a loan to pay your debt off but most companies will not approve the loan due to you being a high risk client.
At Sunbeam Financial we have partnered with Curadebt who specializes in helping people get out of debt. They have been in business for many years and have been able to help hundreds of people transform their financial outlook. Curadebt provides many services in addition to debt consolidation such as credit counseling, debt settlement, and credit repair. They offer a free consultation and can suggest the best solution for your specific financial profile. Click the link below to get more information.
Curadebt is our #1 recommended program!
Debt settlement is a service provided by Curadebt that you may want to look into. With debt settlement you will not be paying the full balance of your debts. Instead Curadebt will work with your creditors and negotiate a lesser amount. This is good, however, there are some drawbacks to it. Most importantly, your credit score will suffer if you go this route. Your creditors will report to the credit agencies that you paid less than the total debt owed.
If you have missed several payments and already have damaged your credit I would definitely recommend the debt settlement route. You will be able to be debt free much faster than if were to pay the entire balance. Curadebt will work with debt settlement clients who owe more than $10,000 in total debt. After your credit settlement you can then start to work on repairing your credit, saving for the future, and staying out of debt.
Similar to debt consolidation, with debt settlement you will have one monthly payment with a lower interest rate. Be sure to do your homework when selecting a debt consolidation company. There have been many scams and several people have been taken advantage of throughout the years. We have done the hard work for you by introducing you to our partner Curadebt. they are backed by proof….check out their reviews here. (Over 907+ positive customer reviews).
Stick To a Debt Management Plan
The financial consultants at Curadebt will help you come up with a debt management plan. Sticking to the plan will help you get out of debt and reach your financial goals. It is easy to get consumed by your credit card debts working with Curadebt will help you get a debt consolidation loan with poor credit. The debt management plan will make you financially responsible and keep you out of bankruptcy.
Curadebt is a business and obviously charges for their services. If you would like to learn how to manage your debt on your own visit the Consumer Credit Counciling Center of America website. They are a government agency that is non-profit and they can help you set up a good financial plan. The CCCA can also help you with other problem areas in your finances such as stopping collection calls and pointing you in the right direction for other services.
Once you are out of debt, develop a solid monthly budget that you will not deviate from. Take a look at the purchases you made over the past month and see if there are any holes in the bucket. Many times you will find there are things that are eating away at your finances each month that are unnecessary.
Finally, you should try to reestablish your credit by applying for a low balance credit card. If you credit is in really bad shape you may have to put up a small deposit up front to get a card. This will help reduce the risk to the credit card company. Also, be sure to not charge anything more than you can pay off each month.
In conclusion, debt consolidation programs are a good idea to lower your monthly payments and overall interest that you will be paying. Find a company that is right for you that has a proven record of helping others. Doing this and getting out of debt for good will be the best financial decision you can make!
