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And while our site doesn’t feature every company or financial product available on the market, we’re proud that the guidance we offer, the information we provide and the tools we create are objective, independent, straightforward –- and free. " Debt consolidation is a strategy to roll multiple old debts into a single new one.
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If your debt load is small — you can pay it off within six months to a year at your current pace — and you’d save only a negligible amount by consolidating, don’t bother.
Try a do-it-yourself debt payoff method instead, such as the debt snowball or debt avalanche.
Conversely, making minimum payments on credit cards could mean months or years before they’re paid off, all while accruing more interest than the initial principal.Debt management plans, offered through consumer credit counseling services for a monthly fee, usually bring reduced interest rates on credit card balances.You make a single payment to the agency, which pays creditors on your behalf.It’s also not the solution if you’re overwhelmed by debt and have no hope of paying it off even with reduced payments.If you’re dealing with a manageable amount of debt and just want to reorganize multiple bills with different interest rates, payments and due dates, debt consolidation is a sound approach you can tackle on your own.