Debt consolidating loans people bad credit
If the majority of your creditors agree, you’ll then repay a portion of your debt over period of time.
If you choose to sign up for a Debt Management Program, the credit counselling agency you work with will contact your creditors and arrange for all your unsecured debts to be put on the repayment plan (it’s not a personal consolidation loan, but it effectively accomplishes the same thing).
Your note reads like you need a loan to make ends meet, not that you’re trying to take out a personal loan for debt consolidation.
With a debt consolidation loan, you borrow enough money to pay off your other unsecured debts and wind up with 1 monthly payment for the personal loan.
All your payments are then consolidated into one monthly payment that you can afford, and your interest rates are either eliminated or massively reduced.
If you also have any secured debts, the Credit Counsellor will work payments for those debts into the program so that you can afford to make them every month.