Debt consolidation loans are usually the first method people turn to to get their credit card debt and other payments they owe under control. Using a debt consolidation loan is really quite easy, but getting it can be tricky if you have poor credit. There’s a few options you can look at if you’re unsure how to get one.

Getting A Regular Debt Consolidation Loan

A typical debt consolidation loan is where you’ll receive a lump sum of funds to pay off your debt, and then you’ll repay the loan over time. But depending on how much you want to borrow or what kind of debt you’re dealing with, you may have to shop for multiple kinds of debt consolidation loans to find one you qualify for. If you can’t find a good offer for a regular debt consolidation loan, you might want to look at a home equity line of credit or cash refinance, a temporary zero APR credit card, or look into debt management or credit counseling. Often the amount you can borrow, credit qualifications and interest paid over time are the deal makers.

Where To Shop For A Debt Consolidation Loan

Since the key to getting your debt done away with is paying lower interest rates on a debt consolidation loan and having a set schedule for your monthly payments, you want to make sure the loan you’re using has lower interest rates than your current debts. A general rule of thumb is that if you have bad credit, you will get higher rates, but that doesn’t always hold true. Where you get a debt consolidation loan at matters. If the interest rates at a certain bank are too high, you might want to look at a different place like a credit union or an online marketplace lender.

Selling An Annuity As An Alternative

If you’re past age 59 1/2 and you’re now getting paid from a 401k or pension plan, you could sell it for cash and use the proceeds to pay off debt. Now even though this is legal and there are firms that specialize in it, finding buyers facilitating the sale is a time intense process. Not only do you need to make sure you’ve used the right firm to do this, but you’ll also want to make sure you have the help of an attorney since selling an annuity will need court approval.