You might pay down your debts through a balance transfer or interest rate negotiation.
Both put the control in your hands, which can be good or bad, depending on how disciplined you are.
As with any financial goal, whether you choose a credit card consolidation loan or other payoff method depends largely on your current financial situation, including your existing debts, whether you can afford your current monthly payments, the interest rates you’re now paying to your creditors, and how quickly you’d like to pay off your bills.
helps you pay off debts by consolidating your bills into one simple, monthly payment – often with a lower interest rate than you’re currently paying to your existing creditors.
Instead, your unsecured debt payments are consolidated into one monthly payment to the agency, which in turn pays your creditors each month.
Your credit counselor works with your creditors to try to reduce your interest rates and eliminate extra fees, like late charges or over-limit charges.
Others might consider transferring balances to one credit card or getting a consolidation loan.
The best way to consolidate debt is to consolidate in a way that avoids taking on additional debt.The best way to consolidate debt varies by individual, depending on your financial circumstances and preferences.For some, the best way to consolidate debt may be paying off smaller balances first and then adding those payments to the bigger bills until those are paid off.With a credit card consolidation loan, you work with a lender to combine all of your unsecured debt into one monthly payment.The lender will pay off your credit card bills, and in exchange you’ll enter into a loan agreement with the lender to pay back the money.