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Anonymous asked May 18, 2017

How do you secure a debt consolidation loan if your credit too poor?

asked May 18, 2017 by Anonymous

How do you secure a debt consolidation loan if your credit too poor and you don’t want to declare bankruptcy or consumer proposal? My personal debt consists of educational line of credit and credit cards so my minimum payments suck all of my income. Because of this, my debt never reduces, but sits idle. With a credit rating too poor to secure a consolidation loan, how can I secure one with a reasonable interest rate? It’s not increasing my liability, its transferring an equal sum into one payment meaning I am actually able to pay down my debt. Why don’t banks make that easier to do?

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