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by Claire Bowes
Are you in more debt than you can handle and have sleepless nights worrying about your financial situation? If you are, you are certainly not alone. There are literally thousands upon thousands of people who are in debt within the United States

Are you in more debt than you can handle and have sleepless nights worrying about your financial situation? If you are, you are certainly not alone. There are literally thousands upon thousands of people who are in debt within the United States alone and this is quite a worrying trend which is spread world-wide. We all know and realize that we should not be accumulating this debt in the first place, but we do it anyway because it is so darn easy to do. We literally get offers every week from some store, credit card or other financial provider offering us money more money than we can handle and pay off! This then leads us into the downward spiral of debt which we cannot afford to clear. So what should we do in this situation? Do you want to file for bankruptcy or shall we look for the phone number of a debt counseling service? While those are certainly viable options, there is one more option that we can try. Bad credit debt consolidation.

Bad credit debt consolidation is a phrase that has been springing up more and more over the last few years.

There are two clear options to help consolidate your debts:

• Bad credit debt consolidation loan
• Credit card debt consolidation

Let us take a look at these two in further detail:

Bad Credit Debt Consolidation Loan
If you have a large amount of debt to pay off then this could certainly be an option for you, but only if you own your own property. For example, if you are a home-owner or have an existing mortgage, then you could consider getting a second mortgage and use this money to pay off any outstanding debts. This is also known as a secured loan. A loan which is secured on your property. However, you must realize that if you do not keep payments up on your mortgage, then you could risk losing your property. There will be other bad credit loan providers who will give loans to people who do not own their own property but they do have strict guidelines and you really should read the small-print before engaging in any kind of loan commitment of this nature.

Credit Card Debt Consolidation
Credit card debt consolidation is where you have a fairly small amount of debt and you can transfer all your debt onto one credit card. Thus you will only have one monthly payment. If you are lucky you could also find a deal with a 0% balance transfer for 6 months. This means that you can transfer all your credit card debts onto one credit card and pay no interest for 6 months. Sounds too good to be true? It is, unless you can pay-off your balance before the 6 months is up. After the six months, the interest rate on the credit card will be at top level and you will then have heavy monthly interest rates to pay in addition to your monthly debt expenditure. This could lead you back into financial difficulty.

If your debt is wearing you down and you are tired of having no spare money, then a debt consolidation program could just work for you whether it be a consolidation loan or a credit card consolidation. However, as always before entering any financial commitment, make sure you know what you are getting into, who with and what the financial consequences to you will be. Alternatively, you could also seek advice from the many online / offline debt consolidation companies who will help reduce your debt for you.

Claire Bullerwell is a successful writer and publisher of The Credit Repair Guide. Claire also provides more consolidation facts, tips and advice on finding Debt Consolidation Loans that you can browse on her site.

The site is not responsible for any content in it. E-mail: alldir[at]gmx[dot]com
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