Securing Loans for Debt Consolidation
Consider what makes you desirable as a borrower - it will make a difference as to the amount and interest rate you can secure:
- Security - What assets do you have that can secure your debt consolidation loan? A home? A car? An art collection? Lenders prefer to lend money to people with assets.
- Debt to Income Ratio - How much debt do you have? A lender is less likely to give you a loan if your debt to income ration is too high -- unless it's specifically for debt consolidation.
- Credit - How is your credit score? Do you make payments on time? The higher your credit score, the more likely you are to get a debt consolidation loan.
