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Consolidation loan with poor credit...impossible?

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Is it possible to get a consolation loan with poor credit (557)...that’s poor due to high balances?


My spouse and I started a business...maxed out credit cards and are slowly getting out of the read but I’m drowning in credit card debit. Are there any options to consolidate, without using those companies that settle the debt for less than owed? Not thing to mess up my credit...trying to save it.


And please...don’t judge me!!



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What have your current lenders told you when you called to inquire about relief?  You are going to lose the use of the accounts, at a minimum, for the duration of any agreements and you may lose the accounts in their entirety.  However, financial institutions are more apt to work with someone that calls seeking relief as opposed to the individual who simply walks the account...

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Credit unions might be an option.  Some will write a debt consolidation loan despite very high utilization. It might be conditioned on them paying the cards off,  might require the loan be partly or fully secured with an asset (car, boat, tools, etc).  

There are also loans based on future receivables, depending on your business structure. 


Smart move, staying away from those debt settlement places.  The CCCS/Greenpath debt management people are reputable, but those places that offer to settle for less than you owe are a fastlane to the courthouse, with you being the featured defendant.   Why would they settle when they can sue for the full amount? 

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