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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.
For example, if your home is valued at 0,000 and the balance on your mortgage payments is 0,000 the you have built up 0,000 of equity in your home.
This 0,000 can be used to secure a second mortgage to pay off debt generated through credit cards, bank advances, payday loans, and other high interest loans.
A home equity loans is also known as a second mortgage or private mortgage.
Debt consolidation loans for bad credit are either not possible, or come with high interest rates.
You should know all of your options before doing anything.
A debt consolidation loan may be a great option for you.
But how do you get a debt consolidation loan with bad credit?
A debt management plan, or DMP, is offered by credit card debt consolidation companies. What happens in a DMP is your cards will all be closed.