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Here are some other questions you need to answer: The decision to reduce debt is very much like the decision to reduce weight: the sooner you get started, the easier it’s going to be. However, if your debt has reached the obese stage – not just overwhelming, but embarrassing – you might need to look at debt settlement or bankruptcy as your way out.
you still plan to use your credit card for anything you want – then debt consolidation is not for you.There are alternative loan possibilities such as home equity loans or personal loans, but neither helps if you can’t improve the interest rate you’re paying or the repayment period is so long it doesn’t make sense.Learn More About Debt Consolidation Loansnonprofit debt consolidation through a debt management program, which doesn’t require the consumer to take out a loan.The first step toward making debt consolidation work is calculating the total amount you pay for credit cards every month and the average interest paid on those cards.That provides a baseline number for comparison purposes. For many people, there is enough left to handle their debt if they organize their budget better and get motivated to pay down debt.