Bad Credit Consolidation Loans- Hope For American Families?

May 13, 2013 - PRLog -- Many individuals find themselves in a lot of debt before they realize it. Bad credit consolidation loans have become extremely popular in the United States just because of this reason. When a person gets into bad debt, then their credit rating will plummet in many cases. If this is caught soon enough, a person can salvage their credit score, but generally, individuals try to get themselves out of debt for a period of six months to a year's time before realizing that their situation is far beyond what they are able to deal with.

For many families that have borrowed money off credit cards, debt is a very real issue. With rising APR's and late fees, many families do not stand a chance. This is why bad credit consolidation loans are the main choice of those that have a credit score of 550 and below. Although there may be loan origination fees for credit scores that are below par, it is simply worth it because it can help any family rebuild their credit score over time.

A new site http://mybadcreditconsolidationloans.com has dedicated their resources to helping individuals find help for their bad debts. For the American families that are considering filing bankruptcy, a consolidation loan is a good decision.

However, there are also the families that do not qualify for these type of loans. If this is true, then it is better to go for a debt settlement. When you get a debt settlement, you contact the creditor and ask them what dollar amount they will settle your account for. Generally this can be anywhere from 20% to 30% less than what you borrowed in the first place. This is especially true if your account is getting ready to be written off. This also gives you a lot of leeway to handle a debt situation that could easily get out of hand if not addressed.

http://mybadcreditconsolidationloans.com is now the new resource for individuals that are looking for help with their bad credit consolidation loans. The official stance of the owners of this website is that they "wholeheartedly agree that many American families have gotten themselves in over their head in debt but yet there is a real way to pay off their creditors in a systematic fashion. There is no a reason to file bankruptcy before they have explored every avenue of bad credit loans." They continue, "bad credit consolidation loan should not be avoided because they have been able to help so many Americans."

The owners also stated the plan to add more resources to their website in the futures such as a debt calculator and bank phone numbers of bad credit lenders.