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Debt consolidators are usually willing to lend to you if you have bad credit if you are gainfully employed. If you are unemployed, it becomes virtually impossible to get a debt consolidation loan. This is because of how debt consolidation loans are designed.

A loan like this is meant to pay off all of your previous credit debt so that you will only have one monthly payment to pay. That payment will be issued to the debt consolidation company. Your debts will be paid off with your previous creditors, and they will not contact you for money anymore. Your only credit obligation will be to your debt consolidation company. This is an ideal scenario for many people.

Most people that need or desire debt consolidation are going to have bad credit because they are seeking a way to get creditors off of their back.

The main thing that a financial services company like this will be looking to find out is whether or not you can pay your monthly bill to them.

In order to do this, you must have a source of income. If you do not have a job with a regular weekly, bi-weekly or monthly paycheck, then you have to show proof of income some kind of way. Some people are receiving settlement payments, disability, unemployment and things like this. But, sometimes that is not enough money. Sometimes it is enough. It just depends on how much income you have after the cost of your rent and other expenses. If the company feels that you have enough to make your monthly payments, then they may lend to you.

If you have really terrible credit, the company might think twice about lending to you. They might be a little worried that you can have problems paying them back. If this is the case for you, you have to be especially sure that you have a decent source of income coming in through employment or other means. Without that, you might have some trouble.

Also when you have poor credit it might be tempting to go with a shifty looking company because you feel they might accept you. Don't do this. If you cannot work with a decent company then you should put off your consolidation until you may.

Finally, by researching and then comparing several debit consolidation agencies, consumers will be able to identify the agency that meet your specific financial situation, plus the cheapest interest rate the market is offering. Nonetheless, it is recommendable working with a seasoned and reliable debit counselor before even make any decision, this way you will save time through seasoned advise & cash by getting better results in a shorter period of time.

Hector Milla is editor of the Free Debt Consolidation Quotes website – where you can see his top rated debit consolidation service recommendation.

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Tags: Debt, debt consolidation, debt relief, debts