Despite the popularity of debt consolidation loans, they arent always the best option for people who are in debt. Also, if youre in debt, it isnt always very easy to get a debt consolidation loan. Not as easy as it is sometimes made out to be, anyway.
Why? Because if youre in debt, then Im guessing youve already missed a few payments, right? Well this means your credit rating has already taken a few knocks, which will make it harder to get that debt consolidation loan.
But you have other options that dont involve taking out a debt consolidation loan. And that is what I want to talk about today.
One option that you have is to get yourself a personal loan. Now I know that this wont help much if youre credit rating is damaged. But if it isnt too bad, then you may be able to get an unsecured loan to help pay off your debt.
If you can get the loan from a credit union, you may be able to save some interest. But even if you get the loan from a bank, youre going to be saving a lot of interest compared to what youre probably paying your credit card companies.
If youre debt mainly consists of credit cards (like most people, so dont feel alone) then an...
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