Your credit score indicates that you have problems using credit. So it is risky to lend you money. If lenders put their money at risk they want a high return(interest) for it.
The good news is that when you work through your debt you will be eligible for better terms. Your first step should probably be to see a credit counselor.
Low credit score....why can%26#039;t I get a constolidated loan to cut down on charges?
As someone who works at a bank, this is an easy question to answer. The bank looks at your credit history to see how you have paid your bills (whether they are on time, late, and if so, how long), how much revolving credit you have and the balances on these accounts to your limits, to see if you filed for bancruptcy, and any outstanding judgements against your (from companies that placed your amounts owed to collections, medical). All of this goes into the decision. Based on this information, we can get an understanding on how we expect you will pay us back, and if you do, will it be on time. This is why its hard, once you get the low credit scores, to over come it. The best bet is to pay your bills on time and in full. All this in turn will determine how much we are going to charge you to use our money. The higher the rate, the more risk you pose to us.