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You could get a home equity line of credit, a home equity loan or a second mortgage on your home, or refinance your existing mortgage.Other options include borrowing against a whole life insurance policy and borrowing against you retirement savings.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.This can allow you to set aside a portion of your income each month to pay down balances for each card, one at a time.When you have paid off all the cards, choose one and be responsible with how you use it.
It is a popular way to bundle a variety of bills into one payment that makes it easier to track your finances.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.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.
Be aware, however, that balance transfer cards often charge a transfer fee (usually 3%), and some even have annual fees.