Consolidate Debts

Consolidate Debts

When you consolidate debts, you save a lot of money and get out of debt a lot faster than you ever thought possible.

A Better Way

There's really only one way to consolidate debts on your own, and that's really only if those debts are credit card debts. If your main debts are credit card debts, try transferring them to a credit card with a 0% introductory rate. Make sure there's no annual fee, there are no balance transfer fees, and for best results, try to pay it off in full during the introductory period.

If your credit isn't doing too well, you may not be able to consolidate debts this way. But that's okay--there are plenty of other ways to consolidate debts. For instance:

• If you're a homeowner, you could get a debt consolidation mortgage.
• If you have collateral, you could get a debt consolidation loan.
• If you have some cash saved, you could enroll in debt settlement.
• If you have $10,000 or more in student loan debt, you could consolidate debts through a student loan debt consolidation program.
• Even if you don't have any of those things, you can enroll in a basic debt consolidation program.

All of these programs function on lowering interest rates to help you reduce debts overall. Some can even get your balances reduced. And most will get you out of debt in five years.

As an added bonus, enrollment in a debt management program like the ones listed above can get your creditors off your back about late or missed payments. By law, when you enroll in a debt management program, your creditors are only allowed to contact the debt management company you're working with about your debt.

Speaking of the law, Congress passed a law last year that requires anyone who's filing for bankruptcy to go through a debt management program first. So if you have any doubts about debt management programs, that should help to ease your mind.

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