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Bad Credit Personal Loans Consolidating Credit Card Debt

High interest rates, paying the minimum amount, accruing late fees or other delinquency fees, are signs that credit card debt is out of control. Consider a bad credit personal loan to wipe out debt.

Sometimes the stack of bills seems to get higher and higher, each envelope thicker and thicker, and the situation becomes harder and harder to handle. If you are dealing with high interest rates, if you are only making minimum payments, and if you are paying out large sums in late fees and other delinquency charges, your credit card debt is out of control. You need to rein in those debts with a bill consolidation, bad credit personal loan.

Facing the Damages

Your first step will be to get a handle on just how much you owe. Grab all your bill statements and list the payoff amount for each. Also list the interest rate you are being charged. Of course, get your total so you will know how much to ask for when you apply for your bad credit personal loan for debt consolidation.

Approaching a Lender

You will want to initially check with your bank or credit union, especially if you have held an account with them for a substantial period of time. You will want to get the full details regarding the loan, any fees that will be incurred, and of course, the interest rates. And you should shop around for the best interest rates and the most comfortable repayment terms for a bad credit personal loan.

Consolidation Goals

As you shop, you will want to come up with a loan that has comfortable repayment terms at an interest rate you can afford. You want minimal fees. Once your loans are consolidated, you should be making a monthly payment that is less than the sum of all your consolidated debts. The interest rate should be lower than on the middle debt you owe, at least.

Debt Priorities

Every lender has a limit on the amount that they will lend on a bad credit personal loan. That amount may not be enough for you to pay off all the loans. Now you will be able to put to use the interest rate information you wrote down for each of your loans. Arrange the debts with the highest interest rates at the top of your list. Those are usually the first you should discharge. If there is a small but pesky loan lingering around, it may make you feel better to get rid of it.

Making the Application

Once you have shopped around and found the best deal for your bad credit personal loan, submit an application. To make things easier, be sure to have all the documentation you will need. This will consist of proof of identification, employment and salary documents, bank account statements, proof of residency and even your credit reports.

Writing Those Wonderful Checks

Once you have the loan approved and the money in your bank account, whip out the check book and start paying those bad boys off. Refer back to your list and get rid of the high-interest cards first. And, if you like, get rid of those pesky little loans. Using your bad credit personal loan to pay off all or the majority of your debts will undoubtedly put some sleep back into your usually restless nights.

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Joycelyn Crawford is the author of this article. For more information about Easy Loans for Bad Credit and Easy Home Equity Loan please visit her site

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