Consolidating credit card debt without hurting your credit Old men chat cam
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.
This helps eliminate mistakes that result in penalties like incorrect amount or late payments.
There are three major types of debt consolidation: Debt Management Plans, Debt Consolidation Loans and Debt Settlement.
The best way to consolidate a large amount of credit card debt (anything over $3,000) without taking on a new loan, is to enroll in a Debt Management Plan.
Most financial experts agree that a Debt Management Plan (DMP) is the preferred method of debt consolidation.
There are some drawbacks — you could face a longer repayment period before you finish paying off the debt — but it’s definitely worth investigating.