If credit card debt is what you’re struggling with, then this type of debt can be consolidated through a balance transfer onto a new card with a low APR, or perhaps a 0% APR during an introductory period.Another type of debt consolidation is one you would get through your mortgage lender – a HELOC or home equity line of credit.
Banks typically only want to lend to people with high credit score.
An Alternative lender will work with you to help you get back on track; just make sure you choose a reputable lender.
After all, these three numbers are supposed to be the quickest snapshot of your financial health and ability to repay creditors.
Debt consolidation may be an option you’re considering in order to regain some solid footing, but it’s important to note how this move can impact your credit worthiness and score.
While getting out of debt can be life changing, you need to consider how a debt consolidation loan will affect your credit rating. We’ll go over all of these questions below so that you can be as equipped as possible to finally tackle your debts.