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The best way to consolidate a large amount of credit card debt (anything over ,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.
They start with a credit counseling session to help determine how much money you can afford to pay creditors each month.
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.
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.