To be very honest, it is very difficult to get a debt consolidation loan if you have bad credit. However, if you have some valuable collateral like a home, some land, or a vehicle, then it does make it somewhat easier, but it still is not an easy thing to get done. Think about it this way. You would probably not loan someone that you knew very well money if you thought they would not pay you back. Well, the financial institutions are the same way and they don't know you so there is no personal relationship. There are some options though, and here are the top debt consolidation loans options to help you out.
1) You should start by using your home as collateral to try to refinance your first mortgage. If you own a home this is always the best option because the interest rate will be very low compared to other types of loans and your credit will not come into play as much as with an unsecured loan.
2) Try to negotiate with your creditors. There are many ways you can get a better payment plan or even settle your debts for much less than what you owe. You can even hire a company to help you do this or go to a not for profit credit counseling agency that will help you get your monthly payments lowered and settle your debts for much less.
3) If all else fails you still have the option of bankruptcy. Even though there are newer laws that make it a bit harder to file for bankruptcy you can get it done with a good attorney. You should be careful and make sure you are dealing with the lawyer directly, though. You do not want to get stuck with a paralegal when you go to face the bankruptcy judge because you will not come out alive.
4) If you are not wanting to deal with bankrutpcy, and you should not file unless it is a last resort, then the top debt consolidation loans option that might be right for you is consumer credit counseling. They are a not for profit organization that will help you get your financial situation under control and they will also teach you how to keep from ending up in the same situation again.
