Consolidating credit card debt good idea
Unfortunately, it’s much harder to get a consolidation loan if you have bad credit.
Creditors use your credit scores and payment history to determine risk.
A blemished credit rating will likely diminish your ability to secure a consolidation loan, therefore it is best to review all your options to deal with your debt and act as soon as possible.
As mentioned, a debt consolidation loan is only one option available to you.
Debt consolidation is one of those terms that Canadians have a lot of confusion about. You’ll learn everything including the answers to common questions like: In simple English, debt consolidation involves taking out one big loan to pay off many small loans. But if you take out a $25,000 student loan, you will get a better interest rate.