Debt Consolidation Loans For Bad Credit Borrowers: Viable Solutions To Real Problems

At some point, we all have to deal with stressful financial situations. As time goes on, our creditors become more demanding, and the added interest on late loans and credit card payments, build up to a level that makes it even harder to stay on top of things. But with the availability of debt consolidation loans for bad credit borrowers, there is a viable escape.

The chief problem for anyone with financial difficulties is cash flow, with repayments falling behind only because the cash was not available at the required time. The logical solution, therefore, it to restructure debts to ensure the repayment schedule is simpler. This can be done by clearing existing debts with a single loan, then repaying it.

And that is exactly what a debt consolidation loan is for – buying out the balances of existing debts to allow the overall debt to be restructured into something more manageable, and more affordable. But is the deal really as viable a solution as it seems?

Consolidation As A Solution

The good news when seeking debt consolidation loans for bad credit management is that opting for consolidation offers more benefits than simply buying out existing debts. In reality, the chief motivation when seeking these loans is to clear debts, but there is also an opportunity to set things up for a better financial future.

For example, since all of your debts have been brought together and bought out, it means they have been paid off in full. This fact is noted in your credit report, thus ensuring that your credit score is increased. So, as well as clearing existing debts, consolidation ensures better loan terms in the future.

Also, while all debts are basically replaced by a debt consolidation loan, the new structure should mean that the size of monthly loan repayments falls significantly compared to the combined repayments of the original loans. This means that the debt-to-income ratio is improved too.

The Consolidation Terms To Seek

So what are the terms that should be secured to make the whole exercise worthwhile? Actually, besides the usual interest rate concern, there is only one real issue when applying for a debt consolidation loan for bad credit borrowers to consider carefully.

The term refers to the lifetime of the loan, with the basic idea being the longer the term the smaller the size of the repayment each month. For example, the number of repayments in a 3-year loan is 36 (36 months), to the principal borrowed is divided by 36. If the term is 5 years, the principal of divided by 60.

If the debt consolidation loan sum is $10,000, the difference is $110, which is a significant sum to free up, thus lowering the pressure to make the necessary repayments. So, clearing existing debts and saving money can actually be done simultaneously.

Where To Get A Consolidation Loan

A key part to securing the maximum benefits from a debt consolidation loan for bad credit borrowers to enjoy is to approach the right lender. Like all financial products, there are different terms available from different lenders.

Most lenders offer some kind of debt consolidation loan, but the interest rates are usually quite high and the loan limit is fairly low. This is because the applicants are bad credit borrowers. Online lenders will offer better terms than a traditional lender, but the same restrictions apply.

A professional debt consolidation company is ideal when the size of the debt is very high. They take the task of clearing existing debts into their hands, and in return they withdraw set payments from your account over an agreed period of time. They will charge a fee, but they also take control of finances, so the risk of failure is practically nil.

A personal aside

Selbstbildnis, mit der Hand an der Stirn (Self-portrait, hand at the forehead), etching, 1910, by Käthe Kollwitz,  

Forty-five years ago, I was at a school pool in Niagara County, New York, when my sister had a brain bleed. She died. With us were my friend S. and her mom, although at the time they seemed tangential to the tragedy that engulfed my family.

It was compounded four years later when my brother—who happened to be S.’s classmate—was killed by a drunk driver.

Sorrowful old man, pencil, black lithographic crayon, wash, white opaque watercolor, on watercolor paper, by Vincent Van Gogh, 1882

We move on. Our flock tends to be made of birds of the same coloration. And I think I’m probably an unmotivated intellectual. Why, just yesterday, I was discussing Steiner and Kandinsky and their daft color theories with three dear friends. This is fun, it’s fluff, and no more or less meaningful than talking football is for other people.

I haven’t seen S. in years, but through the miracle of Facebook, we’re in loose contact.

Last evening, my mom died. I refuse to discuss my grief with anyone, but it is substantial.

And then S. posted this video:

For the first time I understand what it meant to praise God from the depths of grief. That’s wisdom, and it’s a far greater thing than knowledge.

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Itinerant painters (2 of 2)

This version of The Peaceable Kingdom, from the mid-1840s, includes William Penn negotiating with Native Americans. He often included this in the paintings as an example of how disparate peoples could work together in peace.

Perhaps the most famous early American itinerant painter was the Quaker pastor, Edward Hicks.

Hicks was born in 1780 to Anglican parents, but his mother’s early death resulted in him being raised in a Quaker family.

An earlier iteration shows the influence of decorative painting on Hicks' canvas work. We call him 'primitive' but his interest in design over realism actually seems very modern in retrospect.

At the age of 13, Hicks was apprenticed to a coach-making firm, where he learned the craft of decorative painting. He stayed there for seven years before moving on as a journeyman coach and house painter. He was accepted into the Society of Friends in 1803 and married a fellow Quaker that same year.

By 1813, Hicks was traveling as an itinerant preacher. Like St. Paul supporting his ministry with tent-making, Hicks supported his ministry with decorative painting. This, unfortunately, annoyed some of his Quaker brethren, who felt that decorative painting was at odds with Quaker principles. He gave up painting in favor of farming, but that decision was a financial disaster.

This version of The Peaceable Kingdom, from 1829-30, includes Quakers bearing banners.

Unlike St. Paul, Hicks had a growing family. Necessity forced him to resume decorative painting. He reeled off the first of many copies of The Peaceable Kingdom by 1820. Ironically, most of his canvases were not done for money, but for the edification of friends and family. In his lifetime, he was known as a preacher, and his living came from painting decorative objects.

Hicks painted an astonishing 61 iterations of The Peaceable Kingdom, which illustrates Isaiah 11:6-8:

The wolf will live with the lamb,
    the leopard will lie down with the goat,
the calf and the lion and the yearling together;
    and a little child will lead them.
The cow will feed with the bear,
    their young will lie down together,
    and the lion will eat straw like the ox.
The infant will play near the cobra’s den,
    and the young child will put its hand into the viper’s nest.

That he painted it over and over tells us much about his intention, which was to share and teach the Bible. It was a humble aspiration in opposition to his contemporary art scene (which I wrote about in a series of posts starting here).

The Cornell Farm, 1848. Hicks may not have had the classically-trained artist's ability to render spatial depth in a landscape, but he sure did understand animals. 

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Itinerant painters (1 of 2)

Historical Monument of the American Republic, finally finished in 1888, was Field’s most famous painting. It was rejected for the Centennial Exposition, which it was painted to commemorate.

As I traveled from event to event this summer, people would ask me whether I was interested in doing this or that upcoming show. With the rise of plein air events, it would be easy to carve out a life as an itinerant painter, going from place to place all year long. I’m not planning to do it, but we have a tradition of itinerant painters in this country and its romance does kind of bewitch me.

Erastus Salisbury Field was a 19th century itinerant folk painter. Most of Field’s life was spent in western Massachusetts and the Connecticut Valley, although he did do two stints in New York City.

Woman with a Green Book (possibly Louisa Gallond Cook), 1838, was one of many itinerant portraits painted by Field before photography made this business obsolete.

By age 19, Field had displayed sufficient drawing chops to be taken as a student by Samuel F. B. Morse—yes, that Morse, who was a well-known painter and teacher besides being the inventor of the single-wire telegraph and the Morse code. Field’s few short months with Morse were the sum total of his formal education in painting. After Morse abruptly closed his teaching studio, Field returned to Massachusetts with enough technique to set up shop as an itinerant decorative painter and portrait painter.

In the 1840s, Field answered the siren call of New York again, relocating his family to Greenwich Village. After seven years, he was called back to Massachusetts to manage his ailing father’s farm.

The Garden of Eden, c. 1860, by Erastus Field.

It’s believed that Field studied the nascent art of photography in New York, but whether that’s true or not, he certainly saw the handwriting on the wall. He turned from painting portraits to painting landscapes and history and Bible scenes. His most famous work, The Historical Monument of the American Republic, is a complex metaphor for American history. He worked on it for 21 years. He was a terrifically productive painter, with about 300 works still surviving.

Field died at home on June 28, 1900 at the age of 95.

Field’s granddaughter-several-times-removed was my friend in Lewiston in the 1980s. She was also a talented and largely self-trained artist.

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The Open Road (continued)

Landscape with a Carriage and a Train, Vincent van Gogh, 1890

Yesterday, I wrote about contemporary paintings of the open road. These would be impossible without photography or the automobile, so they are very much of our time.

Prior to the Industrial Revolution, people moved around on foot, by horse, or by ship. While there were genre painters dealing with those subjects, the mechanics of life did not particularly interest artists or their patrons. The social realism (or naturalism) movement of the 19^thcentury changed that. Its concern with the lives of the working class included the ways in which people travelled.

Vincent van Gogh painted Landscape with a Carriage and a Train shortly before his death, after he had left the asylum at Saint-Rémy. “Lately I’ve been working a lot and quickly; by doing so I’m trying to express the desperately swift passage of things in modern life,” he wrote.

The Third-Class Carriage, Honoré Daumier, 1864

The Third-Class Carriage by Honoré Daumier is the most well-known, and perhaps the earliest, depiction of mass transit, which has become such a fact of life in our modern existence.

Third-class railway carriages were dirty, crowded, and uncomfortable. They were filled with the lower orders. In short, they were the coach seats of their day. While the little family in the front row of Daumier's painting are fully delineated, the figures in the back rapidly dissolve into the anonymity of the endless human crowd.

Steaming Streets by George Bellows (1908) is a harshly honest look at urban transport. No Currier and Ives romanticism here.

In our nostalgic imaginings we like to believe we would have achieved a first-class railway ticket, but the vast majority of us would have been traveling coach then, just as we do now.

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The Open Road

Evening Train, Trans Canada Highway, by Robin Weiss

I have always been interested in paintings of expressways, which is helpful when I’m driving as much as I have been since July. This week’s road follies were not intentional, being precipitated by a set of personal crises on either end of New York State. I saw a lot of Interstate 90 this week, and repeatedly.

Study for Freeway,1978, by Wayne Thiebaud

To the artist, painting is more about the play of color, shape and texture than it is about subject, but I’ve noticed that viewers don’t generally feel that way. They select paintings based on a personal, emotional, call and response.

Lost Highway, by Peter Harris

The open road is neutral, although to many of us, it’s the thing that stands in the way of getting where we’re going. In their own gangly way, our expressways are beautiful.  Like me, the Interstate Highway System itself is a prime example of mid-century modern. Authorized in 1956, the first sections were completed that same year (although in some states, including New York, previous highways were incorporated into the system).

Untitled by Rodgers Naylor

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