Debt Consolidators Refuse You?

If you get turned down for a debt consolidation loan, you have a few options to consider.

1. Call your credit card companies and ask for a reduction in interest rates. Explain to them any extenuating circumstances.

2. Ask the credit counseling agency for a debt management plan. This will be a detailed and tailored plan that outlines steps you should follow to begin reducing your debt.

3. Go back to the counseling agency and find out what specifically disqualified you for the loan.

4. Seek out a lawyer who can advise you, look at any and all contracts, and negotiate on your behalf.

These are all viable options that consumers can consider if they get turned down for a debt consolidation loan. ■