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Get Debt help Today Question: How do I consolidate my debt with bad credit? Answer: The term ‘Debt Consolidation’ is very broad and is often presumed to be strictly a loan only, whereas there are a few other options available to help consolidate your debt. So if you’re asking yourself: how do I consolidate my debt (even with bad credit), it’s important to evaluate all of your options. the option that you chose will largely depend on the kind of debt that you have, your current credit score, current income and, last but not least, the amount of money you can afford towards the program on a monthly basis. Very quickly, if you want a free debt consultation with one of Bills.com’s approved debt help partners, please click here: Debt Relief Savings Quote There are mainly three options to consolidate your debt if you have bad credit, and they are: 1. Consumer Credit Counseling (Debt Management) program 2. Negotiated debt settlement program 3. Chapter 13 Bankruptcy 1. Consumer Credit Counseling Service, or CCCS. CCCS companies offer services, such as financial counseling and budget planning, as well as Debt Management Plans (DMPs). Certified Consumer Credit Counselors are experts who tailor confidential programs to meet your specific needs. they will help you understand your situation so you can get on the road to financial freedom. the average DMP takes around five years to pay off your debts, so you must be willing and able to commit to a long-term repayment plan. 2. Negotiated Debt Settlement Program. rather than making monthly payments to your creditors, these programs negotiate lump sum settlements with your creditors, frequently reducing your debts by 50% to 60% of your principal balances. these programs usually take about 2-3 years to complete, so this is a good option for many people to rid themselves of debt in a relatively speedy manner.

in many cases, they can also reduce your monthly payment toward your debt. There is a major drawback to debt settlement programs, they will significantly damage your credit while in the program and for at least a year or two afterwards. however, if you are currently unable to afford to pay your creditors, the hit to your credit may be worth the benefit of ridding yourself of credit card debt. 3. Chapter 13 Bankruptcy. If you find that the two previous options are not feasible, then bankruptcy might be the only alternative. A chapter 13 bankruptcy is also called a wage earner’s plan. it enables individuals with regular income to develop a plan to repay all or part of their debts. Under this chapter, debtors propose a repayment plan to make installments to creditors over three to five years. I encourage you to speak with a bankruptcy attorney in your area. Speaking with an attorney will allow you to fully understand the bankruptcy process, providing you with the information you need to make an informed decision. Each one of these programs has its pros and cons. you will have to consider each option carefully and weigh the potential pitfalls or benefits and then decide on the option that you would like to pursue. I encourage you to explore the Bills.com website, http://www.bills.com/debthelp/, to read more about these and other options available to you. I hope that the information provided helps you Find. Learn. Save. Best, Bill www.bills.com Also, make sure to get a free financial health check-up with Bills IQ! How Do I consolidate my debt with bad credit?