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If you need help getting out of debt, you are not alone.
Although signs show an upturn in the economy, many Americans are deep in debt, and not everyone can work overtime or a second job to pay down that debt.
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.
There are several types of DCLs, including home equity loans, zero-interest balance transfers on credit cards, personal loans, and consolidating student loans.
It is a popular way to bundle a variety of bills into one payment that makes it easier to track your finances.
Another DIY way to consolidate your credit card debt would be to stop using all your cards and pay using cash instead.That's where debt consolidation and other financial options come in.Consolidate Your Debt Now Debt consolidation is combining several unsecured debts — credit cards, medical bills, personal loans, payday loans, etc. Instead of having to write checks to 5–10 creditors every month, you consolidate bills into one payment, and write one check.Learn More About Management Plans A Debt Consolidation Loan (DCL) allows you to make one payment to one lender in place of multiple payments to multiple creditors.A debt consolidation loan should have a fixed interest rate that is lower than what you were paying, which reduce your monthly payments and make it easier to repay the debts.