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If you have low average to bad credit (below 660 credit score) you may still qualify for a debt consolidation loan but the interest rate will be high.

Rates can be as high as 30% in some cases defeating the purpose of a debt consolidation loan.

However, instead of having two mortgage payments with two lenders. A lender will refinance your primary mortgage plus give you up to 80% of the value of your home in cash.

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You should know all of your options before doing anything.There are other ways to get out of debt besides through a debt consolidation loan.Which is great news for people with bad credit who have trouble getting approved.A debt management plan, or DMP, is offered by credit card debt consolidation companies. What happens in a DMP is your cards will all be closed.The company you choose to work with will negotiate your interest rate down and set up a repayment plan. You will pay one fixed monthly payment to the consolidation company that is then dispersed to your creditors, minus their fees.

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