If I consolidated all my debt, would I have a good chance of getting a credit card or loan with a decent cedit line? How long does it take to consolidate debt?

Your eligibility for a credit card or loan with a decent amount of credit would depend on your credit report and credit history. Lots of open credit accounts, late payments, and number of inquiries into your credit report will go against you on your credit report making it harder to gain a line of credit or to get a loan.

As far as time frame for debt consolidation, depending on whether you are consolidating student loan debt or credit card debt and the lender you are looking to consolidate with. Both will look into your credit report for information.

Be careful. There are a lot of debt consolidation scams out there. If you don’t have any reasonable expectation of being able to pay your debts, you might want to see if there is a reputable lawyer in your area to consult about whether you should file for bankruptcy. Many people wait far too long to file for bankruptcy. A GOOD bankruptcy lawyer would only advise you to file for bankruptcy of that is your best option, if there is another good option, they will refer you on to that option.

Make sure you go with a reputable bank. We did a consolidation loan and they gave us a great line of credit that’s saved my bacon this month.