I need to get a personal loan or consolidate about 10k in debt, but my credit is awful, how do I do it?

Nov 17, 2008 Debt Consolidation

I have about $10,000 in debt. I need to consolidate the loan, as my financial situation is now getting stable. It's not stable enough for me to pay the collection companies a lump sum yet though.

My credit is bad enough to where a personal loan is not likely. I would like to consolidate it so I can have manageable payments and get on with my life and credit rebuilding.

I don't think I have anyone I know who can cosign for me on a loan either. Any suggestions?

Instead of a loan, have you considered a credit counseling agency?

They can get the creditors to stop calling you and put all your bills into one monthly payment that you pay directly to the credit counseling agency. They often can reduce your interest rates and/or get late or over limit fees taken off, so the total amount you owe is reduced.Taking this route DOES NOT affect your credit negatively.

They also can provide you with some very solid advice and tools so that once your debt is erased, and you're on your way to rebuilding your credit, you won't fall into the same traps that got you where you're at today.