{"id":12031,"date":"2020-08-25T20:01:22","date_gmt":"2020-08-25T20:01:22","guid":{"rendered":"https:\/\/nomoredebts.org\/?page_id=12031"},"modified":"2025-01-20T08:55:32","modified_gmt":"2025-01-20T16:55:32","slug":"what-is-it-how-does-it-work","status":"publish","type":"page","link":"https:\/\/nomoredebts.org\/debt-help\/debt-consolidation\/what-is-it-how-does-it-work","title":{"rendered":"What is a Debt Consolidation Loan? Qualifying; Making Payments"},"content":{"rendered":"

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Debt Consolidation Loan<\/p>\n

[\/et_pb_text][et_pb_button button_url=”\/contact-us” button_text=”Get Help Now” button_alignment=”center” disabled_on=”on|on|off” _builder_version=”4.16″ _module_preset=”default” global_colors_info=”{}”][\/et_pb_button][et_pb_button button_url=”tel:1-888-527-8999″ button_text=”1-888-527-8999″ button_alignment=”center” disabled_on=”off|off|on” _builder_version=”4.16″ _module_preset=”default” global_colors_info=”{}”][\/et_pb_button][\/et_pb_column][\/et_pb_row][\/et_pb_section][et_pb_section fb_built=”1″ custom_padding_last_edited=”on|phone” admin_label=”Intro Paragraph” _builder_version=”4.16″ background_color=”rgba(91,37,175,0.15)” custom_padding=”0px||135px|||” custom_padding_tablet=”||140px||false|false” custom_padding_phone=”||45px||false|false” top_divider_style_last_edited=”off|desktop” bottom_divider_style=”ramp2″ bottom_divider_color=”#ffffff” bottom_divider_repeat=”1x” bottom_divider_flip=”horizontal|vertical” bottom_divider_style_tablet=”” bottom_divider_style_phone=”” bottom_divider_style_last_edited=”on|phone” bottom_divider_height_tablet=”70px” bottom_divider_height_phone=”100px” bottom_divider_height_last_edited=”on|phone” bottom_divider_flip_tablet=”” bottom_divider_flip_phone=”horizontal” bottom_divider_flip_last_edited=”on|phone” da_disable_devices=”off|off|off” collapsed=”off” global_colors_info=”{}” da_is_popup=”off” da_exit_intent=”off” da_has_close=”on” da_alt_close=”off” da_dark_close=”off” da_not_modal=”on” da_is_singular=”off” da_with_loader=”off” da_has_shadow=”on”][et_pb_row _builder_version=”4.16″ width_tablet=”80%” width_phone=”80%” width_last_edited=”on|desktop” custom_padding=”0px|||||” global_colors_info=”{}”][et_pb_column type=”4_4″ _builder_version=”4.16″ global_colors_info=”{}”][et_pb_dmb_breadcrumbs font_icon=”%%20%%” use_home_icon=”off” use_home_text=”on” show_custom_taxonomy_crumbs=”off” _builder_version=”4.21.0″ body_text_color=”rgba(102,102,102,0.8)” link_text_color=”rgba(42,209,61,0.8)” custom_padding_tablet=”” custom_padding_phone=”20px||||false|false” custom_padding_last_edited=”on|phone” animation_direction=”left” global_module=”6437″ saved_tabs=”all” global_colors_info=”{}” link_text_color__hover_enabled=”on|hover” link_text_color__hover=”rgba(90,39,178,0.4)”][\/et_pb_dmb_breadcrumbs][et_pb_text admin_label=”H1 Heading” _builder_version=”4.27.2″ custom_margin=”||0px|||” custom_padding=”||2px|||” animation_direction=”bottom” global_colors_info=”{}”]<\/p>\n

Consolidation Loan \u2013 Understand the Basics & Requirements
How Does it Work? – Definition, Advantages, Disadvantages, and Interest Rates<\/span><\/h1>\n

If you’re wondering what a debt consolidation loan is<\/strong> and how it works<\/strong>, it’s where a bank, credit union, or finance company provides you with the money to pay off your outstanding credit card debts<\/strong> and “consolidates” them (brings them all together) into one big loan. This is the definition of a debt\/bill consolidation loan<\/strong> in the simplest terms. Someone usually applies for a consolidation loan when they’re having trouble making their minimum monthly payments. There are many advantages and disadvantages to debt consolidation<\/a> and getting a loan like this, and some requirements you’ll have to meet in order to get one.<\/p>\n

[\/et_pb_text][\/et_pb_column][\/et_pb_row][\/et_pb_section][et_pb_section fb_built=”1″ custom_padding_last_edited=”on|phone” _builder_version=”4.16″ _module_preset=”default” custom_margin=”||0px||false|false” custom_margin_tablet=”||-90px||false|false” custom_margin_phone=”||-70px||false|false” custom_margin_last_edited=”on|phone” custom_padding=”1px||0px|||” custom_padding_tablet=”35px||||false|false” custom_padding_phone=”55px||||false|false” da_disable_devices=”off|off|off” global_colors_info=”{}” da_is_popup=”off” da_exit_intent=”off” da_has_close=”on” da_alt_close=”off” da_dark_close=”off” da_not_modal=”on” da_is_singular=”off” da_with_loader=”off” da_has_shadow=”on”][et_pb_row column_structure=”1_2,1_2″ make_equal=”on” _builder_version=”4.17.4″ width_tablet=”80%” width_phone=”80%” width_last_edited=”on|phone” global_colors_info=”{}”][et_pb_column type=”1_2″ _builder_version=”4.16″ animation_style=”slide” animation_direction=”left” animation_intensity_slide=”2%” custom_css_main_element=”margin: auto;\t” global_colors_info=”{}”][et_pb_image src=”https:\/\/nomoredebts.org\/wp-content\/uploads\/2020\/09\/credit-card-debts_2colm.jpg” alt=”Credit Card Debts” title_text=”credit-card-debts” align_tablet=”center” align_phone=”” align_last_edited=”on|phone” _builder_version=”4.22.0″ custom_padding_tablet=”||40px||false|false” custom_padding_phone=”||30px||false|false” custom_padding_last_edited=”on|phone” border_radii=”off|200px|20px|200px|20px” box_shadow_style=”preset2″ global_colors_info=”{}”][\/et_pb_image][\/et_pb_column][et_pb_column type=”1_2″ _builder_version=”4.16″ global_colors_info=”{}”][et_pb_text _builder_version=”4.17.4″ animation_direction=”top” global_colors_info=”{}”]<\/p>\n

How Does a Debt Consolidation Loan Work to Pay off Debt?<\/h2>\n

A debt<\/strong> consolidation loan pays off debt because a lender will loan you the money you need to pay off your existing debt. For example, if you have three credit cards and owe a combined $20,000 on them, when you ask your lender for a consolidation loan they will lend you the $20,000 if you qualify. Then they will typically pay off your existing credit cards<\/a> with the money, close those credit card accounts, and have you make one monthly payment to them for the $20,000 you borrowed.<\/p>\n

Unfortunately, what can happen is that if you don\u2019t have a realistic household budget<\/a> that you actively use, you’ll be struggling again and reapplying for new credit cards after a few months of making personal loan payments. When this happens, you can actually end up doubling your debt rather than paying it off with a consolidation loan.<\/p>\n

[\/et_pb_text][\/et_pb_column][\/et_pb_row][\/et_pb_section][et_pb_section fb_built=”1″ prev_background_color=”#ffffff” _builder_version=”4.16″ _module_preset=”default” background_color=”#e4f8e0″ custom_margin=”0px||||false|false” custom_margin_tablet=”100px||0px||false|false” custom_margin_phone=”” custom_margin_last_edited=”on|tablet” custom_padding=”150px||0px||false|false” top_divider_style=”curve2″ bottom_divider_style=”wave2″ bottom_divider_color=”#e4f8e0″ da_disable_devices=”off|off|off” global_colors_info=”{}” da_is_popup=”off” da_exit_intent=”off” da_has_close=”on” da_alt_close=”off” da_dark_close=”off” da_not_modal=”on” da_is_singular=”off” da_with_loader=”off” da_has_shadow=”on”][et_pb_row _builder_version=”4.16″ _module_preset=”default” global_colors_info=”{}”][et_pb_column type=”4_4″ _builder_version=”4.16″ _module_preset=”default” global_colors_info=”{}”][et_pb_text _builder_version=”4.23.4″ custom_padding=”1px|||||” global_colors_info=”{}”]<\/p>\n

Advantages of a Debt Consolidation Loan<\/h2>\n

The main advantage of a debt consolidation loan<\/a> is that your current debt is paid off. Those credit cards that you\u2019ve been struggling to pay, household bills, and even overdrafts on your bank accounts. Unsecured<\/strong> debt consolidation loans<\/strong> take the pressure off of paying lots of different bills each month, even those that are past due. Here are other benefits:<\/p>\n

    \n
  1. You only have one monthly payment to worry about.<\/li>\n
  2. You often consolidate at a lower interest rate which saves you money.<\/li>\n
  3. Your debt will be paid off in a set amount of time (typically 2 -5 years).<\/li>\n
  4. There usually aren\u2019t any fees if you borrow money from a bank or credit union.<\/li>\n<\/ol>\n

    [\/et_pb_text][\/et_pb_column][\/et_pb_row][\/et_pb_section][et_pb_section fb_built=”1″ prev_background_color=”#e4f8e0″ _builder_version=”4.16″ custom_padding=”130px||55px|||” top_divider_style=”wave2″ da_disable_devices=”off|off|off” global_colors_info=”{}” da_is_popup=”off” da_exit_intent=”off” da_has_close=”on” da_alt_close=”off” da_dark_close=”off” da_not_modal=”on” da_is_singular=”off” da_with_loader=”off” da_has_shadow=”on”][et_pb_row _builder_version=”4.16″ _module_preset=”default” custom_padding=”||0px|||” global_colors_info=”{}”][et_pb_column type=”4_4″ _builder_version=”4.16″ _module_preset=”default” global_colors_info=”{}”][et_pb_text _builder_version=”4.16″ _module_preset=”default” hover_enabled=”0″ global_colors_info=”{}” sticky_enabled=”0″]<\/p>\n

    What’s the Best Debt Consolidation Loan?
    Should I Enter Into a Debt Repayment Program?<\/span><\/h2>\n

    We often hear someone ask what’s the best debt consolidation loan or program<\/a>, and that all depends on someone\u2019s situation. Loans and debt repayment programs function quite differently.<\/p>\n

    With a loan, you borrow money to pay off debt. We often hear someone ask what is the best debt consolidation loan or program<\/a>, and that all depends on someone\u2019s situation.<\/p>\n

    [\/et_pb_text][\/et_pb_column][\/et_pb_row][et_pb_row column_structure=”1_2,1_2″ make_equal=”on” _builder_version=”4.16″ width_tablet=”80%” width_phone=”80%” width_last_edited=”on|phone” custom_padding=”17px|||||” global_colors_info=”{}”][et_pb_column type=”1_2″ _builder_version=”4.16″ animation_style=”slide” animation_direction=”left” animation_intensity_slide=”2%” custom_css_main_element=”margin: auto;\t” global_colors_info=”{}”][et_pb_image src=”https:\/\/nomoredebts.org\/wp-content\/uploads\/2020\/09\/paying-off-debt-using-repayment-program_2colm.jpg” alt=”Best Debt Consolidation Loan” title_text=”paying-off-debt-using-repayment-program” align_tablet=”center” align_phone=”” align_last_edited=”on|phone” _builder_version=”4.22.0″ max_height_last_edited=”off|tablet” custom_margin=”||||false|false” custom_margin_tablet=”||25px||false|false” custom_margin_phone=”||0px||false|false” custom_margin_last_edited=”on|phone” custom_padding_tablet=”||||false|false” custom_padding_phone=”||17px||false|false” custom_padding_last_edited=”on|tablet” border_radii=”off|200px|20px|200px|20px” box_shadow_style=”preset2″ global_colors_info=”{}”][\/et_pb_image][\/et_pb_column][et_pb_column type=”1_2″ _builder_version=”4.16″ global_colors_info=”{}”][et_pb_text _builder_version=”4.17.4″ animation_direction=”top” global_colors_info=”{}”]<\/p>\n

    Loans and debt repayment programs function quite differently. With a loan, you borrow money to pay off debt. Then you pay off the loan plus interest.<\/p>\n

    With a repayment program, you use money in your budget and pay off your debts without borrowing more money. Instead, when you repay your debts through a repayment program with a non-profit credit counselling service, your lenders will typically reduce or completely waive interest and fees going forward.<\/p>\n

    That\u2019s why you can use the money in your budget more effectively and get out of debt more quickly.<\/p>\n

    A debt consolidation loan can often seem like a really good idea. Unfortunately, most people don’t reduce the overspending that created their debt, so they need another consolidation loan once they finish paying off the first one.<\/p>\n

    [\/et_pb_text][\/et_pb_column][\/et_pb_row][\/et_pb_section][et_pb_section fb_built=”1″ prev_background_color=”#ffffff” _builder_version=”4.16″ _module_preset=”default” background_color=”#e7dff3″ custom_padding=”100px|||||” top_divider_style=”wave2″ da_disable_devices=”off|off|off” global_colors_info=”{}” da_is_popup=”off” da_exit_intent=”off” da_has_close=”on” da_alt_close=”off” da_dark_close=”off” da_not_modal=”on” da_is_singular=”off” da_with_loader=”off” da_has_shadow=”on”][et_pb_row _builder_version=”4.16″ _module_preset=”default” global_colors_info=”{}”][et_pb_column type=”4_4″ _builder_version=”4.16″ _module_preset=”default” global_colors_info=”{}”][et_pb_text _builder_version=”4.17.4″ _module_preset=”default” custom_margin=”||0px|||” hover_enabled=”0″ global_colors_info=”{}” sticky_enabled=”0″]<\/p>\n

    Disadvantages of a Debt Consolidation Loan<\/h2>\n

    Lenders are careful when they approve unsecured debt<\/a> consolidation loans. To qualify for one of these, you would typically need to have z solid income, a high net worth (the value of your assets after you subtract all of your debts), and a very strong credit score or a co-signer<\/strong><\/a> who has a very high net worth and a very strong credit score. Here are other disadvantages:<\/p>\n

      \n
    1. They often require security (collateral).<\/li>\n
    2. You must have a decent credit rating.<\/li>\n
    3. Interest rates are usually higher than a home equity loan<\/a> (refinancing your home).<\/li>\n
    4. Interest rates for unsecured debt consolidation loans can be high.<\/li>\n
    5. If you don’t address the problem that caused the debt in the first place, you may need another consolidation loan after paying off the first one.<\/li>\n<\/ol>\n

      [\/et_pb_text][\/et_pb_column][\/et_pb_row][\/et_pb_section][et_pb_section fb_built=”1″ custom_padding_last_edited=”off|phone” prev_background_color=”#e7dff3″ _builder_version=”4.16″ _module_preset=”default” background_color=”#ffffff” custom_margin_tablet=”||||false|false” custom_margin_last_edited=”off|tablet” custom_padding=”||30px||false|false” custom_padding_tablet=”||2px||false|false” custom_padding_phone=”||1px||false|false” top_divider_style=”wave2″ top_divider_height_tablet=”70px” top_divider_height_phone=”” top_divider_height_last_edited=”on|phone” bottom_divider_color=”#e4f8e0″ bottom_divider_flip=”horizontal” bottom_divider_height_tablet=”70px” bottom_divider_height_phone=”50px” bottom_divider_height_last_edited=”on|phone” da_disable_devices=”off|off|off” global_colors_info=”{}” da_is_popup=”off” da_exit_intent=”off” da_has_close=”on” da_alt_close=”off” da_dark_close=”off” da_not_modal=”on” da_is_singular=”off” da_with_loader=”off” da_has_shadow=”on”][et_pb_row _builder_version=”4.16″ _module_preset=”default” custom_margin=”65px|auto||auto||” global_colors_info=”{}”][et_pb_column type=”4_4″ _builder_version=”4.16″ _module_preset=”default” global_colors_info=”{}”][et_pb_text _builder_version=”4.27.2″ _module_preset=”default” global_colors_info=”{}”]<\/p>\n

      More Information About Debt Consolidation Loans<\/h2>\n

      [\/et_pb_text][et_pb_accordion _builder_version=”4.27.2″ _module_preset=”default” hover_enabled=”0″ global_colors_info=”{}” sticky_enabled=”0″][et_pb_accordion_item open=”on” _builder_version=”4.16″ _module_preset=”default” custom_css_main_element=”display: none;” global_colors_info=”{}”][\/et_pb_accordion_item][et_pb_accordion_item title=”Debt Consolidation loan Interest Rates” open_toggle_text_color=”#5b25af” _builder_version=”4.27.2″ _module_preset=”default” hover_enabled=”0″ global_colors_info=”{}” open=”off” sticky_enabled=”0″]<\/p>\n

      Banks and credit unions usually offer the best debt consolidation loan interest rates<\/strong>. Many factors can help you get a better interest rate, including your credit score<\/strong><\/a>, your income, your net worth, whether or not you have a relationship with that financial institution and whether or not you can offer good security (collateral) for a personal loan. Good security for a debt consolidation loan will often be a newer model vehicle, boat, term deposit (non-RRSP<\/a>) or another asset that can easily be sold or liquidated by the bank if you don’t make your loan payments.<\/p>\n

      For the past decade, banks have typically charged interest rates on debt consolidation loans of around 7% – 12%. Finance companies tend to charge anywhere from 14% for secured loans to 49% for unsecured loans<\/strong><\/a>. Interest rates for consolidation loans heavily depend on your situation.<\/p>\n

      [\/et_pb_accordion_item][et_pb_accordion_item title=”How to Qualify for a Debt Consolidation Loan” open_toggle_text_color=”#5b25af” _builder_version=”4.17.4″ _module_preset=”default” global_colors_info=”{}” open=”off”]<\/p>\n

      How to get a debt consolidation loan is a qualification process. Each lender has slightly different rules to follow, but typically, what is required to qualify<\/strong> for a consolidation loan includes:<\/p>\n

        \n
      1. A credit score that meets the lender\u2019s minimum requirement (meaning: not too many late payments and no big negative notes on your credit report)<\/li>\n
      2. You earn enough income<\/li>\n
      3. Your total monthly minimum credit card debt monthly payments aren’t too high<\/li>\n
      4. You can offer some good security for a loan<\/li>\n<\/ol>\n

        If you don’t quite meet all of these requirements on your own, you may still be able to qualify if you can find a good co-signer.<\/p>\n

        [\/et_pb_accordion_item][\/et_pb_accordion][\/et_pb_column][\/et_pb_row][\/et_pb_section][et_pb_section fb_built=”1″ prev_background_color=”#ffffff” next_background_color=”#5b25af” _builder_version=”4.16″ _module_preset=”default” background_color=”#e4f8e0″ custom_padding=”140px||95px|||” top_divider_style=”ramp2″ bottom_divider_style=”curve2″ da_disable_devices=”off|off|off” global_colors_info=”{}” da_is_popup=”off” da_exit_intent=”off” da_has_close=”on” da_alt_close=”off” da_dark_close=”off” da_not_modal=”on” da_is_singular=”off” da_with_loader=”off” da_has_shadow=”on”][et_pb_row _builder_version=”4.16″ _module_preset=”default” global_colors_info=”{}”][et_pb_column type=”4_4″ _builder_version=”4.16″ _module_preset=”default” global_colors_info=”{}”][et_pb_text _builder_version=”4.27.2″ _module_preset=”default” global_colors_info=”{}”]<\/p>\n

        When Debt Consolidation Loan Options Won’t Work
        No Budget, Minimum Payment Too High, Bad Credit, No Security<\/span><\/h2>\n

        One of the main reasons why a debt consolidation loan won\u2019t work is that someone doesn\u2019t use a realistic household budget. It\u2019s important to manage routine bill payments, loan payments and annual expenses (those seasonal or emergency expenses that are easy to forget about) when you have a consolidation loan.<\/p>\n

        There are however, also reasons why someone might not qualify for a debt consolidation loan:<\/p>\n

          \n
        1. If your minimum monthly debt payments (see our debt consolidation loan calculator<\/strong><\/a>) are too high, even after a consolidation loan is factored in.<\/li>\n
        2. If you have bad credit.<\/li>\n
        3. If you can’t offer some reasonable security for a loan.<\/li>\n<\/ol>\n

          If you\u2019re wondering how do you consolidate<\/strong> debt or what the best<\/strong> consolidation loans<\/strong> are, when you\u2019ve been declined by a lender, then it\u2019s time to get help considering other consolidation options<\/a>.<\/p>\n

          [\/et_pb_text][\/et_pb_column][\/et_pb_row][\/et_pb_section][et_pb_section fb_built=”1″ custom_padding_last_edited=”on|phone” admin_label=”CTA 1 – You’re not alone” _builder_version=”4.16″ background_color=”#5b25af” background_enable_image=”off” max_width=”100%” custom_padding=”70px||1px||false|false” custom_padding_tablet=”5px||30px||false|false” custom_padding_phone=”” top_divider_height=”180px” top_divider_flip=”horizontal” top_divider_height_tablet=”100px” top_divider_height_phone=”” top_divider_height_last_edited=”on|phone” bottom_divider_style=”curve2″ bottom_divider_color=”#e7dff3″ bottom_divider_height=”150px” bottom_divider_style_last_edited=”off|tablet” bottom_divider_height_tablet=”80px” bottom_divider_height_phone=”70px” bottom_divider_height_last_edited=”on|phone” scroll_blur=”0|40|60|100|100px|0px|0px” da_disable_devices=”off|off|off” global_colors_info=”{}” da_is_popup=”off” da_exit_intent=”off” da_has_close=”on” da_alt_close=”off” da_dark_close=”off” da_not_modal=”on” da_is_singular=”off” da_with_loader=”off” da_has_shadow=”on”][et_pb_row custom_padding_last_edited=”on|phone” admin_label=”Service Section Title” _builder_version=”4.16″ custom_margin=”|auto||auto|false|false” custom_padding=”||140px||false|false” custom_padding_tablet=”100px||100px||false|false” custom_padding_phone=”100px||||false|false” animation_direction=”top” locked=”off” global_colors_info=”{}”][et_pb_column type=”4_4″ _builder_version=”4.16″ custom_padding=”|||” global_colors_info=”{}” custom_padding__hover=”|||”][et_pb_text admin_label=”Title” _builder_version=”4.16″ text_font=”|700|||||||” text_text_color=”#ffffff” text_font_size=”30px” text_line_height=”1em” header_font=”||||||||” header_text_color=”#ffffff” header_2_font=”Montserrat|700||on|||||” header_2_font_size=”42px” header_2_line_height=”1.3em” header_3_font_size=”21px” background_size=”initial” background_position=”top_left” background_repeat=”repeat” text_orientation=”center” background_layout=”dark” max_width=”700px” module_alignment=”center” custom_margin=”-15px||8px||false|false” custom_padding=”||0px|||” animation_direction=”bottom” inline_fonts=”Work Sans” global_colors_info=”{}”]<\/p>\n

          What’s a Debt Consolidation Loan and Where to Get Help<\/strong><\/h3>\n

          [\/et_pb_text][et_pb_text admin_label=”Subtitle” _builder_version=”4.17.4″ text_font=”||||||||” text_text_color=”#ffffff” text_line_height=”1.8em” header_font=”||||||||” background_size=”initial” background_position=”top_left” background_repeat=”repeat” text_orientation=”center” max_width=”700px” module_alignment=”center” custom_margin=”|||” custom_padding=”0px|||||” animation_direction=”bottom” global_colors_info=”{}”]<\/p>\n

          Some people aren\u2019t sure what a debt consolidation loan is<\/strong>, or what the best way to consolidate credit card<\/strong> debt may be for their situation. Contact us for expert advice and guidance about the best consolidation options for car loans, credit card debt, personal loans and more. Speak with an experienced Credit Counsellor. We will help you find the right solution before it’s too late. Speaking with one of our non-profit Credit Counsellors is completely free and confidential. No matter how complicated your situation may be, they will provide you with information so that you can figure out the best solution.<\/p>\n

          [\/et_pb_text][et_pb_button button_url=”\/contact-us” button_text=”Find the Right Solution” button_alignment=”center” _builder_version=”4.19.3″ _module_preset=”default” custom_button=”on” button_bg_color=”#2ad13d” button_icon=”5||divi||400″ global_colors_info=”{}” button_bg_color__hover_enabled=”on|hover” button_bg_color__hover=”RGBA(255,255,255,0)” button_bg_enable_color__hover=”on” button_border_radius__hover_enabled=”on|hover” button_border_radius__hover=”8px” button_text_color__hover_enabled=”on|hover” button_text_color__hover=”#2AD13D”][\/et_pb_button][\/et_pb_column][\/et_pb_row][\/et_pb_section][et_pb_section fb_built=”1″ custom_padding_last_edited=”on|phone” admin_label=”Related Topics” _builder_version=”4.19.3″ background_color=”rgba(91,37,175,0.15)” z_index=”0″ custom_margin=”0px||||false|false” custom_padding=”70px|0px|100px|0px|false|false” custom_padding_tablet=”||0px||false|false” custom_padding_phone=”50px||0px||false|false” top_divider_arrangement=”above_content” da_disable_devices=”off|off|off” collapsed=”off” global_colors_info=”{}” da_is_popup=”off” da_exit_intent=”off” da_has_close=”on” da_alt_close=”off” da_dark_close=”off” da_not_modal=”on” da_is_singular=”off” da_with_loader=”off” da_has_shadow=”on”][et_pb_row _builder_version=”4.16″ background_size=”initial” background_position=”top_left” background_repeat=”repeat” custom_padding=”27px|0px|27px|0px” global_colors_info=”{}”][et_pb_column type=”4_4″ _builder_version=”4.16″ custom_padding=”|||” global_colors_info=”{}” custom_padding__hover=”|||”][et_pb_text admin_label=”H2 Heading” _builder_version=”4.16″ text_font=”||||||||” header_font=”Work Sans|600|||||||” header_2_font=”||||||||” header_2_line_height=”1.3em” header_4_font=”Work Sans||||||||” background_size=”initial” background_position=”top_left” background_repeat=”repeat” text_orientation=”center” custom_margin=”||2px|||” locked=”off” global_colors_info=”{}” header_font_size__hover=”30px” header_font_size__hover_enabled=”30px” header_letter_spacing__hover=”0px” header_letter_spacing__hover_enabled=”0px” header_text_shadow_style__hover=”none” header_text_shadow_style__hover_enabled=”none” header_text_shadow_color__hover=”rgba(0,0,0,0.4)” header_text_shadow_color__hover_enabled=”rgba(0,0,0,0.4)”]<\/p>\n

          Related Topics<\/h2>\n

          [\/et_pb_text][\/et_pb_column][\/et_pb_row][et_pb_row column_structure=”1_3,1_3,1_3″ make_equal=”on” disabled_on=”on|on|off” admin_label=”Related Article Cards | Desktop” _builder_version=”4.16″ width=”70%” max_width=”100%” global_colors_info=”{}”][et_pb_column type=”1_3″ _builder_version=”4.16″ background_color=”#ffffff” transform_translate_linked__hover=”off” link_option_url=”\/blog\/debt-consolidation\/5-reasons-people-are-declined-debt-consolidation-loans” border_radii=”on|8px|8px|8px|8px” box_shadow_style=”preset2″ global_colors_info=”{}” transform_styles__hover_enabled=”on|hover” transform_scale__hover_enabled=”on|desktop” transform_translate__hover_enabled=”on|hover” transform_rotate__hover_enabled=”on|desktop” transform_skew__hover_enabled=”on|desktop” transform_origin__hover_enabled=”on|desktop” transform_translate__hover=”0px|-10px”][et_pb_image src=”https:\/\/nomoredebts.org\/wp-content\/uploads\/2020\/09\/loan-application-declined_related_topics.jpg” alt=”Declined for a Loan” title_text=”declined-for-a-loan” _builder_version=”4.16″ border_radii=”off|8px|8px||” global_colors_info=”{}”][\/et_pb_image][et_pb_text admin_label=”H3 + Teaser Text” _builder_version=”4.16″ header_3_text_align=”left” header_3_text_color=”rgba(0,0,0,0.8)” header_3_line_height=”1.3em” width=”80%” max_width=”80%” module_alignment=”center” custom_margin=”||30px||false|false” global_colors_info=”{}” content__hover_enabled=”off|desktop” header_3_text_color__hover_enabled=”on|hover” header_3_text_color__hover=”#2ad13d”]<\/p>\n

          Declined for a Loan?<\/h3>\n

          Here are 5 reasons why people are declined for a consolidation loan, and what to do instead.<\/p>\n

          [\/et_pb_text][\/et_pb_column][et_pb_column type=”1_3″ _builder_version=”4.16″ background_color=”#ffffff” transform_translate_linked__hover=”off” link_option_url=”\/blog\/debt-consolidation\/debt-consolidation-mistakes-and-how-to-avoid-them” border_radii=”on|8px|8px|8px|8px” box_shadow_style=”preset2″ global_colors_info=”{}” transform_styles__hover_enabled=”on|hover” transform_scale__hover_enabled=”on|desktop” transform_translate__hover_enabled=”on|hover” transform_rotate__hover_enabled=”on|desktop” transform_skew__hover_enabled=”on|desktop” transform_origin__hover_enabled=”on|desktop” transform_translate__hover=”0px|-10px”][et_pb_image src=”https:\/\/nomoredebts.org\/wp-content\/uploads\/2020\/10\/mistakes-to-avoid_related_topic.jpg” alt=”Mistakes to Avoid for Money & Debt” title_text=”mistakes-to-avoid” _builder_version=”4.16″ global_colors_info=”{}”][\/et_pb_image][et_pb_text admin_label=”H3 + Teaser Text” _builder_version=”4.16″ header_3_text_align=”left” header_3_text_color=”rgba(0,0,0,0.8)” header_3_line_height=”1.3em” width=”80%” max_width=”80%” module_alignment=”center” custom_margin=”||30px||false|false” global_colors_info=”{}” content__hover_enabled=”off|desktop” header_3_text_color__hover_enabled=”on|hover” header_3_text_color__hover=”#2ad13d”]<\/p>\n

          Mistakes to Avoid<\/h3>\n

          Here are 4 common debt consolidation mistakes, how to avoid them, and where to get help.<\/p>\n

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          Debt Management Program<\/h3>\n

          You’re not alone if you’re wondering if a DMP is right for you. Here’s what it is and how it works.<\/p>\n

          [\/et_pb_text][\/et_pb_column][\/et_pb_row][et_pb_row disabled_on=”off|off|on” admin_label=”Related Article Swipe Cards | Mobile” _builder_version=”4.16″ custom_padding=”3px|||||” global_colors_info=”{}”][et_pb_column type=”4_4″ _builder_version=”4.16″ global_colors_info=”{}”][et_pb_code admin_label=”Swiper Code for Swipe Cards (Need to upload card images and then enter their URLs in this code)” _builder_version=”4.16″ global_colors_info=”{}”]<\/p>\n