Bad credit debt consolidation can be a real challenge and nearly impossible to do unless you have some type of valuable collateral, such as a home or property. It's safe to say that no financial institution in their right mind is going to give someone that has bad credit a debt consolidation loan without some type of security to to help them lower their risk. Make sure to be aware of what are known as "advance-fee" scams. No legitimate financial institution would ask you to wire them money in advance of getting a loan, for any reason, so don't do it.
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If you have collateral, it's more likely that you'll be able to get some help, but be prepared to pay higher interest rates on your loan. This is the price of having bad credit. You can always go through an institution like Consumer Credit Counseling too. These kinds of companies work on your behalf in order to get your payments lowered for you.
In all reality, your best option could be bankruptcy. I'm not trying to steer you in the wrong direction, but from personal experience I knew that there came a point when I was in over my head and the options that I did have were going to destroy my credit anyway. I actually got on the phone with every creditor that I owed and tried to talk to them sensibly, but all I got were threats. The only company that was decent and more than willing to work with me was Sears, other than that, I decided to heck with it. I tried to be noble and do the right thing, but my efforts were in vain.
This is my personal experience and you need to make an informed decision about your own circumstances, however, I will say that people make mistakes and sometimes get in over their heads financially. It's become more and more common in recent years and the new bankruptcy laws have done nothing to change this. Do what you can to talk to your creditors and get a bad credit debt consolidation loan, but if it comes right down to it, after you've tried every option to do what you believe is the right thing to do, do what you have to do to take care of yourself and your family.
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