If you don’t have a home or any assets how can you qualify for debt consolidation?
If you don’t have a home or any assets how can you qualify for debt consolidation?
What amount of debt qualifies for consolidation ? Also as stated, what if you have no home or assets?
Best answer:
Answer by Mr. George
You dont have to own anything for a debt consolidation. Also any debt qualifies.
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You don’t need assets for a debt consolidation if it’d done as an unsecured loan.
If you’re referring to a consumer credit counceling place, they usually require $ 5,000 in debt – but check around because some may be different.
Now, if you’re just talking about doing a debt consolidation with a lender (bank, credit union, etc) to lets say payoff credit card debt or whatever they may just do a balance transfer if your credit is good. Do keep in mind though that unsecured debt is a very high risk loan to the lender so you may not find it very easy to get qualified but it’s worth a shot.
Debt Consolidation is more for people with credit card debt and has noting to do with collateral. You already have the loan without collateral so why would you offer the something?