If you go to a bank to consolidate loans, they will check your credit score. If your score is too low, the bank most likely will turn down your loan application. Another option for debt consolidation with bad credit is peer-to-peer lending.

Getting a debt consolidation loan when you have bad credit can be tough, especially if you seek help from the wrong source. While your bank or credit union may offer various consumer loans for debt consolidation, it's possible you won't qualify if you have blemished credit.

Holding several cards means paying several monthly bills each with a separate, and often high, interest rate. To lessen the burden, and pay off debt faster, many consumers consolidate all balances onto a single card.