Congratulations to Jessica Cherubin - our first PDAD Scholarship winner.
This type of Loans has been specially constructed for those with bad credit history, giving them the ability and freedom to repay just the one loan each month at a lower interest rate. However, bad credit debt consolidation loans should be taken after due consideration, and all the pros and cons must be looked into carefully.
Debt consolidation is essentially a form of refinancing that entails taking out one loan to pay off many others, hence consolidating debt. This can be a resolution for high consumer debt such as credit cards, student loans, medical bills, etc.
The average American has over $200,000 in debt, and a growing concern for many is whether inheriting debt can occur in relation to their children. In most cases, the answer is no. Laws do differ from state to state though, and some portions of debt left behind may need to be paid.