Guaranteed Bad Credit Loans - Don't Consolidate Your Current Debts, Just Pay Them Off at a Discount!

It's a familiar story - your debts are mounting up month after month. Occasionally you use one credit card to make the minimum payment on another. You are late with most of your bill payments and you even have some creditors that you haven't paid at all for months! Your credit rating has suffered and you are now on the look out for guaranteed bad credit loans to consolidate all your debts!

Firstly let me say, that there are plenty of lenders who will give guaranteed bad credit loans. You should always do your research thoroughly and make sure you are still getting a good deal. You can't expect such great terms on a loan as someone with a good credit rating, but your repayments shouldn't be so high that they put you into worse debt!

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The first thing we think of doing once we have secured a loan is to consolidate all our current debts. This will usually lower your monthly outgoings and you only ever have one lender to worry about. However, i would like to introduce you to another concept!

Once the debts do start piling up, it is a natural human reaction to ignore our creditors. This may be because you feel guilty, embarrassed or even scared. You believe if you can get a guaranteed bad credit loan, then you can consolidate these debts and then you never have to speak to that lender ever again! But did you know this is the complete opposite of what you should be doing!

All lenders are well aware of their borrowers payment history. They will know if you are struggling financially. A lender would rather receive some money back than nothing at all! This can be a life saver for you!

Did you know that most credit card companies will offer early settlement to struggling borrowers? So what does this mean? If you are behind on your payments or have arrears, as i mentioned your lender would rather that you pay them something. Rather than handing your debt over to a collections agency, they would prefer to settle it directly with you as they will make more money back this way!

Some credit card companies will offer huge discounts on early settlement and i have come across one lender that has lowered someone's outstanding balance by 70% for them to pay back the money early. So in monetary terms, if you have a $10,000 debt with this lender, they may let you settle for $3,000.

So if you do manage to secure a guaranteed bad credit loan, rather than immediately consolidating all your debts, contact your lenders first and discuss the possibility of early settlement!

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