How to consolidate debt credit card with bad credit

Debt consolidation specialists combine all your credit card debts in a (usually lower) amount. This is achieved by "buy" loans from lenders and repackaging them earlier, or lend the money to pay off all your debt. Consolidation of credit card debt is difficult if you have a bad credit history, but these companies are the best option. Is likely to face higher interest rates on their loans repayment, depending on the amount of money that will have to put your home or other large as collateral against the loan.

Things to follow:

* 1

Evaluate all your finances and calculate your monthly income, financial obligations and the amount you owe. Compile a detailed report of all your debts, in particular, owes you and the exact amount. Contact each lender for the amount owed most recent. A report detailing the debt every aspect of your financial life for potential lenders, and transparency will help to divert attention from their poor credit history. Reports on debt to help speed up the process of consolidating your debt.

* 2

Contact debt consolidation specialists. You can find the phone book or visit a bank loan officer that relate to debt specialists. For borrowers with bad credit there are two main options for consolidation: whether it is better with the packaging of loans or take a debt consolidation loan. Packaging loans is the best option for a person without the guarantees are looking to pay your balance. Take a debt consolidation loan collateral often requires large as a house, but offer lower interest rates than other loans to subprime borrowers.

* 3

Present your finances for the specialist debt and complete the loan process. This often includes an application process in which its assets and the situation is evaluated. Sub-prime candidates for loans (those with bad credit) face higher interest rates and are rejected more often. Your information in order to make it more likely that you will be approved for debt consolidation. Once approved, be sure to make your payments on time to avoid further damage your credit.