Lending in this country has certainly changed; there is no doubt about that. Coming into these years we all saw the variety of bad credit loans that were available to those who may not have been necessarily approved for standard loans. These bad credit loans may have come at higher than average interest rates and with stricter terms but they were loans that were still forthcoming. But no longer.

With our credit crisis, lenders have tightened their grasp on loans of all kinds. In some cases there is simply no money to be had. But in most cases there is simply a tighter hold on the purse strings. Lending is at a standstill – even in the case of those who have stellar credit. But for those who have less than perfect credit times are even tougher than ever. And while lending may have dried up that does not mean that our debt has followed suit. What does the average consumer do to weather the storm and keep making payments on debt?

There are options that are alternatives to bad credit loans including a debt consolidation loan. While this may be tough to get through a bank or traditional lending institution, there is still the opportunity to transfer credit card balances to a separate card –one with, perhaps, a lower interest rate - giving consumers the opportunity to make some headway on paying down debt by making one, concentrated payment every month.

The most important thing during this time period is to keep a dedicated eye on our credit report as this will determine how good our prospects will be in the future to receive lines of credit. We are all able to order free credit reports once a year from each of the credit bureaus – something that we should all take advantage of during these vulnerable times.

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