Learn about Bad Credit Debt Consolidation -- Debt consolidating options can be explained to you at Golden Financial Services. (A+ Better Business Bureau Rated)

Have bad credit? Debt consolidation MAY NOT be the right option!

Prepare for a journey ahead. You are about to dive into the best debt consolidation guide for 2017. We selected the most frequently asked questions — and provided you with the best answers. You can look us (Golden Financial Services) up at the Better Business Bureau (BBB) and see our A+ BBB rating, zero customer complaints, close to 15-years in business and lots of positive reviews — so that you can trust that this information is 100% accurate. This guide was created by our team of IAPDA and AFSLR accredited and certified counselors. If you have a question, please do not hesitate to call our national debt relief hotline at 1-866-376-9846

Sometimes debt can feel like a slap in the face. You are doing the right thing and paying your debt back, but in return the banks and lenders overcharge you with fees and interest making it near impossible to ever become debt free. How’s that fair? With that thought in mind, the following video was created. Watch this short video before continuing to read the rest of this page. 

What Debt Consolidators can do for you:

Debt consolidators can offer you a debt consolidating loan to pay-off all your debt including a car, student loans, credit card debt and any type of debt can be included when it comes to consolidating debt. Consolidate anything that has high-interest rates, that should be your focus if you are looking to consolidate debt.

The problem is that not everyone can qualify for a low-interest loan. If you have a low credit score you will not qualify for a low-interest loan. The good news is; there are other programs available to help you pay less than the full amount owed on each of your debts, and some programs even come with credit repair (Bad Credit & Good Credit OK). 

Debt Consolidation for Good and Bad Credit. Debt Consolidators are IAPDA Certified at Golden Financial Services and here to help you get out of debt.

Debt Consolidation Programs are Available for Good or Bad Credit! Let our debt consolidators pull you out of debt and help you to start on the road to healthy finances.

For Immediate Assistance — Call The National Debt Relief, Settlement & Consolidation Hotline at 1-866-376-9846 — You can get free professional advice on all of the best options available in your state from an IAPDA Certified Agent!

Do you have a low credit score?

If you do, continue reading and get educated on the best debt relief options for 2017.

What is a Bad Credit Debt Consolidation Unsecured Loan?

There is no debt relief program called “bad credit debt consolidation, it’s just “debt consolidation“. Thousand’s of consumers search for “bad credit debt consolidation” each month on Google.  (synonyms: debt consolidation, credit card consolidation, debt consolidations, debt consolidators, debt consolidate, etc..)

What is Debt Consolidation?

Thousand’s of debt consolidations across the nation take place every single week. It’s one of the most popular methods of paying off debt quickly. Credit card debt can also be paid off with a debt consolidation loan.

Debt consolidation is when a person takes out a loan to pay-off debt — any type of debt can be included — it’s your loan to do whatever you want to do with it. Unless of course it’s specifically for federal student loan debt, which we will talk about next.  

After consolidating your debt, you are then left with one single and affordable monthly payment making it easier to pay your bills.

A lender must approve a person for these loans. Typically if a person’s credit score is low, or if they have a high debt to income ratio, they will not qualify for a low-interest debt consolidation loan. Below, we provide debt consolidating alternatives for folks with bad credit. 

What about Student Loan Debt Consolidation?

Golden Financial Services can consolidate your federal student loan debt. Consolidating federal student loan debt is something we do through the government programs. It’s a different type of debt consolidation. Loan forgiveness is included inside the student loan relief plans at Golden Financial Services.

You can get a student loan consolidation loan even with bad credit. 

Our goal is to get your payment close to “zero dollars per month”.

An example of a “zero dollar per month payment” we obtained for a client with bad credit, after consolidating their debt.

This client was able to get a "zero dollar per month" payment on their federal student loan debt. Consolidators at Golden Financial Services are A+ rated at the Better Business Bureau and Accredited Members at the Association for Student Loan Relief (AFSLR)

This client was able to get a “zero dollar per month” payment on their debt consolidation loan. Consolidators at Golden Financial Services are A+ rated by the Better Business Bureau (BBB) and Accredited Members at the Association for Student Loan Relief (AFSLR)

We have the program in place that will consolidate your federal student loans, get you recertified every single year, and get your balance forgiven once you are eligible after a certain number of qualified payments. If you work in public service, including all of you teachers’ out there, we can get your balances forgiven even faster through the special public service program. 

Learn more about student loan consolidation by visiting this page next. 

Where to Find Reputable Debt Consolidators

Debt consolidators can be your local bank or a third-party debt relief company like Golden Financial Services. Many credit unions offer low-interest debt consolidation loans. Some financial company’s such as Lending Club and PayPal offer high-interest loans — so be careful. 

If you can’t find a consolidation loan that has an interest rate of 10% or less — don’t consolidate because it’s not worth it — there are better options available as we are about to explain. 

Your best bet is to first speak with an IAPDA Certified Counselor. IAPDA Certified Counselors are extensively trained on debt relief programs and they can point you in the right direction.

Debt Consolidations for Credit Card Debt and all Unsecured Debt. IAPDA Certified Company - Golden Financial Services

Call Golden Financial Services at 1-866-376-9846 — the Counselors’ are Accredited and Certifed with the International Association of Professional Debt Arbitrators (IAPDA) — And consultations are FREE TO THE PUBLIC. 

 

Benefits of Debt Consolidation 

  1. Can eliminate high-interest accounts
  2. Eliminate multiple monthly payments
  3. May shorten the time-frame it takes to become debt free 

The Cons of a Debt Consolidating Loan:

  1. Don’t get scammed. If the bank denies you for a consolidation loan due to bad credit there is a reason for this. There are third-party lenders all over the internet who will approve candidates with a low credit score for debt consolidation. However, they may charge hidden and/or high fees, a high loan origination fee and high interest. Carefully read any contracts before signing on a debt consolidation loan application. Understand all fees and interest. Check the company at www.BBB.org.
  2. 78% of people who take out a debt consolidation loan to pay off credit card debt end up back in debt, the debt grows back, as seen here on Dave Ramsey’s site.
  3. Debt consolidation is not a fix. The debt will still exist. With other debt relief options, you may receive a reduction in your debts. Take a look at credit card relief programs for 2017.

What’s the best type of loan to use for debt consolidations or to consolidate credit card debt?

Your best option — hands down — is to use a home equity line of credit to consolidate your credit card debt. Home equity lines’ of credit offer the lowest interest rate compared to any type of loan. 

Again, not everyone will qualify for this type of loan. You must have a home with equity, and a top-notch credit score.

Usually, when a person has bad credit and searches for a debt consolidating loans, they are looking for some type of credit card hardship program but not necessarily debt consolidation. Legitimate credit card hardship programs include debt settlement, debt validation, debt dismissal and consumer credit counseling.

Here we go… What you have been waiting for… The closest thing to having a magic wand to make your debt disappear…

If your credit score is lower than 700, there are more realistic options for you to consider, over debt consolidating options, to help with paying off unsecured debts…

1. Debt Settlement — as a Debt Consolidating Alternative

Debt settlement services will allow you to pay off your unsecured debt in three years or less on average, and have one comfortable monthly payment. A person must be behind on their account payments in order to effectively use a debt settlement service. Once you are behind on your payments for a long enough time, the banks will write off your alleged debt and sell it to a collection agency for around 10-20 cents on the dollar. We can then settle your debt for a significant amount less than the full amount owed.

Once you are behind on your payments for a long enough time, the banks will write off your alleged debt and sell it to a collection agency for around 10-20 cents on the dollar. We can then settle your debt for a significant amount less than the full amount owed.

At Golden Financial Services, our debt settlement options bring great success for clients. We have clients’ graduating our debt settlement programs and becoming debt free every single day — so debt settlement works.  

Look at our perfect Better Business Bureau rating, an A+ and No Customer Complaints.

Give Golden Financial Services a call to learn more about settling debt at 1-866-376-9846 now!

WHEN ARE FEES EARNED? Golden Financial Services will only earn performance fees at the time our client’s debts are settled and resolved.  (FTC compliant)

How debt negotiation or settlement affects your credit score 

Some people notice a drastic decline in their credit score after joining on a debt settlement program, while other folks see very little negativity. Each case is different.

Debt settlement may be a good fit for you if you are already behind on your account payments, or if you are about to fall behind.

Call 1-866-376-9846 to get your free consultation — where you will learn about all of your options in your state.

Now let’s continue to talk about debt settlement and how your credit score can be affected…

…Your credit score will usually go down in the beginning of the program. Your debt-to-income ratio is a metric on how much debt you have — compared to your income, and this is the aspect of your credit that may cause you to get denied for a debt consolidation loan.

Lenders may not want to loan someone money if they already have lots of unpaid debt, make sense?

After you graduate a debt settlement program, your debt to income ratio will have improved, assuming you didn’t rack up new debt on the side.

As far as your credit score, you need to re-establish your credit score after graduating from a debt settlement program by getting new credit (such as a new credit card or a secured credit card). Here are steps that our debt settlement program graduated clients follow to rebuild their credit score.

The other option is for you to get referred to one of our credit repair partners once you are ready to rebuild your credit score after finishing a settlement program. 

2. Bankruptcy — as a Debt Consolidating Alternative

Bankruptcy is the worst option for your credit. Most lenders will either charge you the highest possible interest rate or deny you for a loan in the future if they see bankruptcy on your credit.

We don’t offer bankruptcy at Golden Financial Services but felt it should be discussed in this page just for educational purposes. 

You may not even be able to get a job or rent a home due to bankruptcy being on your credit, and therefore it is important to try and avoid bankruptcy at all costs. At times, bankruptcy may be the best option to eliminate all of your debt including secured and unsecured debt.

Depending on what state you live in, your budget and entire financial situation determine what debt relief option is best for you.

3. Credit Repair and Debt Validation — as a Debt Consolidating Alternative

Debt validation verifies that the third-party debt collection companies are legally collecting on debt and reporting accurate credit reporting details to the credit bureaus.

This concept is similar to how a lawyer challenges a speeding ticket and gets it dismissed. Even though you were probably speeding, the ticket can get dismissed if the police officer can’t prove it under federal laws. 

When a debt collection company is asked to provide certain documentation and accurate information (examples: their debt collector license to collect on debt in a certain state or accounting statements) and they CAN’T PROVIDE the requested items or if they provide inaccurate information, the debt becomes legally uncollectible and you don’t have to pay it!

CHECK IT OUT — HERE’S PROOF: 

debt validation to help with bad credit

Bad credit can first be addressed by ensuring that any derogatory information on your credit is reporting accurately and that third-party debt collectors are legally collecting on any alleged debts.

Similar to debt validation, credit restoration uses federal laws to challenge the validity of something reporting inaccurately on a person’s credit report. 

Debt validation disputes your debt — credit repair disputes items on your credit report.

These are two completely different programs.

One is for addressing debt and the other is for your credit report.

With a debt validation program offered through Golden Financial Services — credit repair comes with the program for free. 

How to get a debt relief program quote if you have bad credit — to compare the different plans?

To get a debt relief program quote for debt validation, debt settlement and consumer credit counseling call 1-866-376-9846, or try using our debt relief and interest rate reduction program calculator tool.

Golden Financial Services will find you the best option to save the most money and get out of debt in the quickest time-frame. We will work with you to improve your overall financial health, and truly help you to find the right solution. 

Whatever your needs are, we can find you the right debt solution whether you have good or bad credit, need consolidation or settlement services to resolve your debt. The most important thing for you to do is to carefully compare a debt consolidating loan to the Golden Financial Services consolidating alternatives before making a final decision.

Source: 

Dave Ramsey, www.daveramsey.com

Wikipedia, https://en.wikipedia.org/wiki/Debt_validation

Golden Financial Services, Consolidate Credit Card Debt https://nomorecreditcards.com/consolidate-credit-card-debt/