Ask The Get Out of Debt Experts Debt Consolidation Loan

Is There a Bad Credit Debt Consolidation Loan Out There For Me? – Diane

“Hi Steve,

I am married with a 21 month old. Both my husband and I have 620 scores so obtaining credit is not that easy. Currently we have about $13,000 in debt that we need to get rid of just to make it each month. My husband is the only one working and we currently only have $200 a month for food, gas, doctor’s appt.s etc. Is there a consollidation loan out there for people like us. PS We don’t own a home. We were approved for one through BofA but we live in Nevada and have had a heck of a time finding one. They are either short sales or foreclosures and the new ones were out of our price range. We are still trying but are not getting out of debt while we wait.


Dear Coleen,

There is no legitimate debt consolidation loan out there for 620 credit scores.

What I suggest you do first is focus on improving your credit. Have you seen a copy of your consolidated credit report and your credit score to figure out what is bringing your credit score down?

Let’s start there. If you get a copy of your consolidated credit report showing all three credit bureaus on the one report you can email it to me for me to review for you, and as always, for free. I can then provide you with some suggestions here on the site that will get you headed in the right direction.


You are not alone. I'm here to help. There is no need to suffer in silence. We can get through this. Tomorrow can be better than today. Don't give up.

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About the author

Steve Rhode

Steve Rhode is the Get Out of Debt Guy and has been helping good people with bad debt problems since 1994. You can learn more about Steve, here.

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