Should we do a debt consolidation loan or credit counseling?

Question:

My wife and I are both in are mid 20's and like most we are in credit card debt. We have no student loans(thanks to parents), both make a good income, built a brand new house, and decked out are house and lifestyle on credit!(30,000). So now were wiser after all the drama and interest, and not to mention are great credit is **** now so we need help. My father in law said he would do a loan in his name to get a great rate, but we don't want to do that. Our credit is so low now so we don't really know are options? We also refinanced to pay off alot, so thats out to.

Answer:
Bad credit debt consolidation loans are quite popular with those with poor credit history. If your loan application is rejected by a lender, bad credit debt consolidation loans are there to help. If you want to repair your credit history by repaying a loan, which has simple terms and low monthly installments, again bad credit debt consolidation loans are for you. They save you after rejection and help you regain your financial credibility, so that you can again enter the mainstream credit market.

Bad credit debt consolidation loans are of two types:

1. Secured bad credit debt consolidation loans:

These types of bad credit debt consolidation loans are secured by a collateral usually some property or a guarantor. Since, the lenders find something to bank upon in case you default on payments, the interest rates on secured bad credit debt consolidation loans are cheaper, the lending amounts are higher and the repayment period can be long. Read more about it at: http://www.credit-card-gallery.com/artic...

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In your situation I would advise credit counseling. A certified credit counseler can help you sort out your finances and advise on the best way to schedule your debt.

Go to this website and follow the links. I hope this helps.

Good luck!

Credit counseling is a term used along with debt negotiation or debt settlement but should not be mixed with them. In credit counseling, you use the services of a professional credit counselor to repay your debt in reduced, monthly payments that you can easily afford.

Eligible candidates for credit counseling are people who get harassing phone calls from bill collectors, or whose accounts have been handed over to collection agencies. This article details the best way to work with a credit counselor.

Start by looking around a good credit counseling company, and not become a victim of one of the various credit counseling scams that are prevalent today. Do not be misled by any ad that assures you quick fixes for your credit report. This is an impossible promise. Instead search for a honest company accredited to Consumer Credit Counseling Services.

Then fix a meeting with a professional credit counselor, and apprise them about your debt situation. Do not omit anything as they will require the entire information to draw up re-payment plan according to your situation.

How about getting a 2nd job and paying this thing off yourself. A little hardwork for a short period of time would not hurt.

Should we do a debt consolidation loan or credit counseling?

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