Debt Consolidation
Debt consolidation is typically when a consumer applies for a unsecured loan or line of credit at their bank. Due to the extreme tightening of consumer credit markets within the banking industry, this option has become virtually impossible to obtain.
In the event a loan like this was granted, the interest rate would be very high and most likely show no signs of benefit to the borrower. A few years ago when this type of product was available, borrowers were required to have credit scores of 680 or higher in order to meet the underwriting guidelines. With that being said, if you've reached a point of financial hardship you must then choose the most suitable alternative for your situation.