Are you sick of being stuck in debt and thinking that because you cannot get a debt consolidation loan you cannot get out of debt? The problem is that these types of loans are not easy to get if you have bad credit.
The other problem is that if you have a lot of debt you probably do not have the best of credit.
So what are your options? Here are some things you can consider.
The first alternative to a debt consolidation loan is bankruptcy and the lawyers would love it if this is what you choose.
However, this is not the best option unless your total unsecured debt, which does not include cars, mortgages, or anything else attached to property, is at least twice your annual income.
Usually it needs to be nearly three times to consider bankruptcy.
Another alternative to a debt consolidation loan is to do your own debt consolidation.
This would include you putting together a budget, cutting back on things that are extras, possibly selling one or both of your cars, moving into a smaller more affordable place, and doing other things that you might not want to do in order to get out of debt.
This could be done, but it also involves a lot of self discipline.
The last alternative is to use a debt service that will consolidate your debts regardless of your credit.
This will mean that you have to have at least $10,000 in total unsecured debts or they will not work with you.
You also have to commit to a monthly payment plan that they will set up to fit your budget.
This will be hard at first, but once you get started you will find it to be easier each month.