Credit Card Debt Consolidation Loans For Bad Credit Customers

Interest rates are increasing while the amount of credit available is declining. The trend may make it more difficult for customers looking for a credit card debt consolidation loan.

The Federal Reserve released a statement Wednesday updating their estimate of outstanding debt. The Fed said that the consumer credit interest rate increased 1.75% in October. The amount of revolving credit is declining.

Citibank offers several types of debt consolidation loans. The first is a non-secured debt consolidation loan. This type of financing is available for amounts from $300 to $7,500.

Whether you own a home or not, the bank may require collateral on loans over $5,000. The interest rate may depend on the borrower’s credit history.

Homeowners can borrow money in excess of $15,000. The funds can be used consolidate credit card balances, student loans, or other forms of debt.

There are no pre-payment penalties and flexible terms between 12 and 60 months are available. In other words, the fixed rate payments can be paid-off early without penalty.

By Tina Brown