Whenever you are late making a monthly payment, every time you make a monthly payment and loan or other financial commitments that you will default to affect your credit rating.
The sad fact is that it does not take long to wreck a good rating. A long illness or other unexpected financial burden on your income can cause you to stop your payments on time and to within a few months left on your good credita bad credit rating.
There are basically two types of loans - secured and unsecured. Secured loans (a car loan, for example) are those for which the property that you own pledged as security. Unsecured loans (credit cards) are those for which you have signed an agreement, but have no collateral pledged.
If you have bad credit, obtaining credit can be difficult. All lenders check your credit reports and for their decision as to whether money or creditnot on your past payment history. If you do not pay a history of paying your bills on time or they have any, are the lenders do not like to make a loan for you.
However, people with bad credit can still loans. People with bad credit can not borrow so much, and it's pretty certain that they must pay a higher interest rate than people with good credit.
There are creditors (so-called "subprime lenders"), which (not including loans are unsecured) to those who makebad credit. To start your search for an unsecured bad credit debt consolidation loan to give the words "subprime lenders" into the search box from your favorite search engine, or search for a debt consolidation company that specializes in bad credit.
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