You can get rid of debt by borrowing money. Contact a lender to see what kind of deals you can get on the interest rate for a loan. Consider using your vehicle as collateral for a personal loan. Also, ensure that your payments are made on time to help build your credit.
Think about bankruptcy instead. Bankruptcy does negatively affect your credit. However, if you're unable to pay your payments, you credit is already suffering. Filing for bankruptcy will allow you to start reducing your debt and get on the path to financial recovery.
Understand if your home is in jeopardy with the type of debt consolidation you are considering. Often times, debt consolidation companies put together plans that include a HELOC (home equity line of credit). This essentially ties your home to your debt. If you mess up, your home could be affected. Be aware before making any decisions.
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