Debt consolidation is about the easiest way of paying of multiple debts if you do not have the resources to pay them off without help. By consolidating them you will know the total amount of the debts and then you can apply for a loan from a bank of money lending agency to pay them all off.
By doing this you will owe the same amount of money as before with the difference that you will not have to pay as much interest per month. The loan will have a lower interest per month than the debts combined and you will be given enough time by the lender to pay if off. You will not be under pressure as you are with a number of creditors all asking for their money and constantly adding on charges for overdue accounts. It will be much easier to have just one debt to pay off per month rather than many.
If this way of getting rid of debts does not appeal to you check online for companies that advertise their help in getting you out of debt. They will negotiate with you creditors to minimise the interest charged and in this way reduce the amounts that you owe. It could make it more possible for you to pay your debts without the help of a loan.
Approach a bank and apply for a loan if you wish to pay all the debts off at once. As you have a bad credit history lenders will want you to take a secured loan to minimise the risk they will be taking in lending your money.
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