A debt consolidation loan is an excellent strategy to use to convert high interest payments on credit cards into one lower interest payment. But what can you do if the bank says no? Here are some debt consolidation loan options:
First, you could attempt to become debt free on your own, so you don’t need a debt consolidation loan.
If you can’t do it on your own, Canadians could consider a consumer proposal, and Americans can consider a Chapter 13 Wage Earner Plan. A proposal or Wage Earner Plan allow you to avoid a bankruptcy in Canada or a Chapter 7 bankruptcy.
You do have alternatives, so investigate your options and make the choice that’s right for you.
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