Can I get a loan to consolidate my debt?

Question

i have a credit score of about 640 all accounts are in good standing. i have about 12000 altogether. is there a bank whole would consolidate it and offer a lower rate? Im sure no one would offer me credit right now, but does this situation make it different? If so where should i go to consolidate? 

(Im am not talking about settling the debts i just want to make things simpler and maybe a lower interest rate)

CatDad · Accepted Answer

640 is a sub-par score and I doubt that any credit union or bank would give you a real debt consolidation loan.
- You might consider a debt management plan with the National Foundation of Credit Counseling. They can put you on a plan with just one payment at a lower rate of interest. This does involve closing out your cards though. http://www.nfcc.org - 
- Stay far away from any debt consolidation program that promises to cut your debt and payments in half. These firms have you deliberately default on your credit cards. A risky move that could get you sued.

Go with the flow · Answer

Making another loan is not the way out of debt.
Many people that consolidate debt, just rack up their credit cards all over again.
Time after time, they just end up in more debt.

Make your plan.
Google:  Credit Card Payoff Calculator
Start with highest interest rates cards first and work your way down.
Make it a goal to live debt free.  You won't believe the feeling.

Wayne Z · Answer

No.

A debt consolidation loan is just like any other loan.

You would have to find a bank who would be willing to take on all the risk and that just isn't going to happen.

Calvin C · Answer

no lender will do this as it means they are stuck with entire loss if you fail to pay.  You would need a score of at least 760 and min income of 60K with no other debt to be considered

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Can I get a loan to consolidate my debt?

4 Answers