|Everyday, so called credit counselors and their companies target consumers who have poor credit histories with promises to clean up their credit report so they can get a car loan, a home mortgage, insurance, or even a job once they pay them a fee for the service. The truth is, these companies can't deliver an improved credit report for you using the tactics they promote. It's illegal: No one can remove accurate negative information from your credit report.
There's also no doubt that consolidation loans can help you to consolidate all your credit cards into a single monthly payment. The problem is that most people who take out consolidation loans build up new credit card debt and end up much worse than when they started. Using your home as collateral should never even be considered when dealing with unsecured credit card debt problems..