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That means if your credit cards are maxed out, then chances are your credit score has taken a huge hit.
Even if you do qualify for a credit card consolidation loan, the interest rates your given probably won’t compete with what you could get with a debt management plan.
In fact, in most cases, your account has been sold to a debt collector, which makes your problem even worse.
Credit counselors who offer debt management plans, can only work with original creditors, not collection agencies.
If your score is under 660, you’re going to have a hard time qualifying for a personal loan or balance transfer credit card.
If you miss credit card payments, you’ll have to deal with late fees, higher interest rates and debt collectors.After you have identified each creditor, log in to each individual account and write down the interest rate and minimum monthly payment of each.The information from your credit report, your budget and each account, allows you to answer the following questions: The amount of credit card debt is the first indicator of which credit card consolidation strategy is best for you.Being in default, means you likely won’t qualify for a loan from a bank, credit union or online lender.Your best bet is either debt settlement or bankruptcy, depending on your income and amount of debt.