The median man juggles numerous bills each month--credit cards, auto loans, personal loans and more! If you're getting buried beneath paperwork, you may want to consider a debt consolidation loan. Instead of dealing with many creditors, you'll only have to pay one bill each month. And you can get a debt consolidation loan--even if your credit is not-so-perfect--if you acquire it with some type of collateral. Here's how to get approved:
1. decide on your collateral
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Whatever item you select as collateral for your loan should be one you're willing to risk, since the lender could take it if you can't make your monthly payments. One of the least expensive options would be your home, since you could get a home equity loan, a home equity line of credit or a second mortgage. If you're not willing to risk your house, you could also use an automobile or a boat. Some lenders will accept stocks or bonds, or even expensive belongings such as jewelry or electronics.
