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Credit Consolidation - How To Break Out Of The Bad Credit Cycle

Mar 18, 2008
Welcome to the age of instant gratification. We want what we want and we want it yesterday. Who has time for careful consideration and using our credit wisely when there are so many cool new toys out there?

And then, before we know it, there comes a day when we want to buy a house or a new car or a new boat. We head over to the friendly neighborhood bank to get a loan and we hear that oh-so-dreaded word...denied! In fact, the bank staff is a somewhat surprised that you even bothered asking them for a loan because you already owe $5,000 in past credit card debt. The only loan they're willing to give you is a credit consolidation loan and some counseling sessions. Ouch!

Now, the scenario above might sound a bit far-fetched, but it happens to people every day. Many people end up in a vicious cycle of bad credit because they buy what they want when they want it. Those commercials on TV for the latest televisions, stereo systems and other shiny new toys we can finance don't help things either. These only feed our consumer-driven desires.

Fortunately, as interest rates continue to soar, many Americans are realizing what kind of debt they're in. They're waking up to the fact that it's time to get control of their financial life and to take out a credit consolidation loan. You might be wondering, "What can a credit consolidation loan do for me?" Well, if you've got a large amount of unsecured debt, a credit consolidation loan can pay off your debt and you can stop those collection calls once and for all. These loans are available through many avenues but your best bet would be your personal bank or credit union.

Some people are going to require credit counseling in addition to a credit consolidation loan. Credit counseling can tell you where you've been making mistakes and what you can do to sort our your financial situation. Your bank may even have an affiliate credit counselor that you can see or you may visit with one of the numerous credit counseling agencies out there.

Whatever you decide, be sure to get all of the facts before you commit yourself and your credit debt to any particular service. Credit counselors may also be able to help you consolidate all your debt and will pay it out to the creditors for you, but you'll want to make sure that your credit score won't get wreckd in the process. If your debt isn't outlandish, a personal credit consolidation loan might just be the right choice for you.
About the Author
Keith Adams is based in New York City and writes about credit, finance and other topics. You can read more credit articles on his blog, http://commonsensecredit.blogspot.com
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