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Payday Loans & Title Loans: These are a loan of last resort.The rates are so high that it almost never makes sense to use these as options for getting yourself out of debt..
We wrote an article estimating debt settlement credit score impact.
Also, many debt settlement programs charge exorbitant fees up to 25% of your original debt amount.
The goals for consolidating debt would be the simplify the payment process (having to only pay one lender instead of dozens), and hopefully reduce your overall interest expenses by getting a new loan with interest rates lower than any of the individual loans you’ve consolidated.
As a debt counselor, I receive many calls from people looking to escape a bad debt situation by seeking a new loan.
So before we dive further into Credit Card Consolidation, I want to provide a brief overview of what options you can have outside of credit card consolidation.