What to Do if You Are Declined a Debt Consolidation Loan?

What to Do if You Are Declined a Debt Consolidation Loan?


If you credit rating are low, then its not a strange phenomenon to have been denied a Debt Consolidation Loan. While this may sound like a dead end in the process of settling your debts, there are ways to come out of it and Punch Debt in the Face.

Here are the top 4 Things that you can do:

  1. Let your mortgage come to your rescue.

Since the real estate prices have been rising over the last decade there is an extra line of credit available to you. Many people have been successful in adding their credit card to their mortgage once in a while. So if your mortgage is substantially less than the value of your home then, then this the best way to consolidate your debt.

  1. Take help from a family member who has strong financials

While applying for a loan you can ask you family member to be a Co-Signer on your loan and the problem is solved. However, the other side of the coin is that the person takes 100% responsibility of debt settlement in case you are not able to repay. So make sure you will be in a position to settle it sooner or later. Because not getting a loan is worse than screwing up your relationship with family.

  1. Call up your Credit Counsellor

If you have tried up all the options and nothing seems to work, then you can also call your Credit Counsellor and get some direction. These people can help you put together a budget and get you out of the mess. Fast Track Debt Relief is committed to helping consumers take control of their debt and settle it as quickly as possible. Their debt relief program is custom tailored to fit your personal needs in order to relieve your financial stress and put you on a path towards financial freedom.

  1. Deal with your Issues

Debt consolidation loan is just a means to get out of the debt for once. This does not solve the grass root problem i.e. your attitude towards debt and your habits. Your problems arise from using credit, Impulsive Shopping, Not enough work or a bad business, sometimes even an addiction.

So before you apply for another loan learn to settle these issues and you will be just fine in the longer run.