Question: Where Do I Apply For Debt Consolidation Loans?

"Where can I consolidate my credit cards/student loans/medical bills? What is the best debt consolidation company/service/program to use?"

We get a lot of questions from people that are trying to save themselves some time in finding good debt management help, but try to avoid particular recommendations. One of the reasons we avoid particular recommendations is because many people confuse debt consolidation with debt settlement services, despite both taking significantly different approaches to the same problem.

If you're not sure about all your options, be sure to educate yourself as much as possible before deciding to sign with any particular company.

Debt Consolidation Loans:
If you're looking for an actual consolidation loan, most financial institutions can at least theoretically help you out. Whether you're eligible for a loan or if so what kind of interest rates you'll be offered will depend on your personal situation; but just like a mortgage different companies may offer different rates, so it's always best to shop around and compare.

Alternatively there are lenders with an online presence that may be able to help you out, as well as companies specializing in debt consolidation loans both online and off.

Debt Settlement Services:
If you're looking for a debt negotiation service you'll require specific help, and traditional lending institutions won't be able to help you out. You can find what's known as 'debt arbitration', 'debt settlement' or 'debt negotiation' services again both online and off. If you're looking for a local business, you may have better luck searching the yellow pages for 'credit counselling' or 'credit counsellors' as well.

Both online and off, when it comes to credit counselling there are some bad apples out there, so be sure to do your homework before signing the dotted line with anyone.