Debt Consolidation Financing – Where Does The Money Come From?
You are the best person to answer that question – or at least the first person to try. You understand best how your relationship is with the credit company you owe money to, although approaching them to discuss bad credit repair would ordinarily seem the best option. Unless you are totally certain that the company and its representatives aren’t pleasant parties to work with, you should try to obtain your debt consolidation financing from there.
However, say you tried and you were turned down; or say you decided against even approaching the first bank in the first instance, there are several other financial institutions that will happily do business with you. It is a teeming industry, with keen competition for customers, consumers, and clientele. Most of these organizations will not mind working up a deal with you in which you obtain money from them and they get to take it back from you with interest over time.
Debt consolidation, for the record, basically requires taking one loan to service several. In so doing, you have to do the best you can to see that the interest rate you get is lower than that offered by the other organizations you owed money to. Once you have the financing and have paid off the old debts, you are on a new plan, and hopefully one that will let you breathe better.
But breathing better is a responsibility on its own in the sense that you are meant to use that chance to work out another plan to pay the money off in shorter time. When you get it, you will be glad you did.