If you don’t have a strong credit rating, talk with a credit counselor at a nonprofit credit counseling agency to review other options.They may recommend a debt management program that will help you set up a budget and pay off the debt within 3-5 years.So you and your sweetie have decided it's time to combine forces and not only live together but buy a home together.Debt consolidation means obtaining a new loan and paying off as many of your unsecured loans as possible.Unsecured loans are not tied to an asset and are based largely on your credit history because you are considered high-risk for a lender.
There are some situations where debt settlement or even bankruptcy are the best solution to the problem.
A debt consolidation loan can provide an opportunity to improve your credit if you use it as a financial plan, as opposed to just shifting debt around.
When you take out your consolidated loan, your credit card debt will be paid in full and you will focus on paying down your single new loan.
consolidate various types of personal debt, the most common use is for credit card debt.
The loan is intended for people with multiple credit cards who are struggling to make more than the minimum monthly payments to their creditors.