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The non-profit agency can help you get a lower interest rate from creditors and reduce or waive late fees to help make your monthly payment affordable.You send one payment to the agency running the DMP and they split it among all your creditors.
You also could look at a personal loan to pay off your balances.There are some drawbacks — you could face a longer repayment period before you finish paying off the debt — but it’s definitely worth investigating.Learn More About Consolidation Loans Bill consolidation is an option to eliminate debt by combining all your bills and paying them off with one loan.The most-recommended DMPs are run by non-profit organizations.They start with a credit counseling session to help determine how much money you can afford to pay creditors each month.— and what the monthly payment and interest rates are on those bills. Once you have this information, make sure to compare lender’s rates, fees and length of time making payments before making a decision.
A consolidation loan should reduce your interest rate, lower your monthly payment, and give you a practical way to eliminate debt.These are not quick fixes, but rather long-term financial strategies to help you get out of debt.When done correctly, debt consolidation can: There are several ways to consolidate debt, depending on how much you owe.Any savings could be used to start an emergency fund to help prevent a future financial crisis.Banks and credit unions are good places to ask about consolidation loans, but online lending sites may be a better place to borrow. Start by listing each of the debts you intend to consolidate — credit card, phone, medical bills, utilities, etc.If you need help getting out of debt, you are not alone.