Debt consolidation: Smart ways to consolidate debt and save bucks

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DebtConsolidationCare - First step to success

When a debt consolidation plan is right for you

  • Want to pay only once every month
  • Save on interest rates and monthly payments
  • Need to get out of debt quickly
  • Avoid extra fees and penalties

How you can benefit from it

  • Handle credit card debts smartly
  • Save a lot on interests, fees, and fines
  • Likely to receive fewer collection calls
  • Pay less to creditors every month

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Debt consolidation - What is it?

It is a way to manage your multiple debts efficiently. By consolidating debt, you can repay the outstanding balances at a relatively lower rate of interest and with the help of single monthly payments.

Consolidating debt - Is it good? How does it work?

Debt consolidation is good for those people who are unable to pay off credit card debts, personal loans, payday loans, private student loans and medical debts due to costly financial mistakes. This debt relief option is good for those who want to pay off unpaid debts, manage multiple bills efficiently, pay less on interest rates and save money. Know more about its pros and cons...

Let us see this example to know how debt consolidation would work for you.

Your total credit card debt (20%) - $25,000
Your outstanding balance on a payday loan (10%) - $15,000
Your outstanding balance on a personal loan (15%) - $20,000

So, your average interest rate (20% + 10% + 15%)/3 = 15%

After you consolidate your debts, your interest rates are lowered to:
Credit card - 15%
Payday loan - 8%
Personal loan - 10%

So, the new interest rate is (15% + 8% + 10%)/3 = 11%

This implies you're paying 4% less on the interest rate.

If your total debt is $ 60,000, then you'll save (4% * 60000) = $2400.

How much
debt consolidation
can save you

What to do before you consolidate your debt


Get Free counseling

Get a no-obligation FREE counseling session from an experienced financial counselor. Figure out how much you can pay and save on your debts.


Ask questions

Know how long the debt consolidation company is into business and how long it’ll take to be debt free. The company should also have satisfactory client reviews.


Choose the right plan

Discuss your debt problems with the counselor. Explore your options. Choose a plan that will help to simplify and lower your monthly payments.

Eliminate your unsecured debts with different types of debt consolidation

Debt consolidation program

This is where the experienced counselors of a debt relief company help you organize an easy and budget-friendly single monthly payment plan. With this option, you replace your multiple credit cards and other bills with a single monthly payment. It helps you pay off your debts within a certain period.


Debt consolidation loan

This is where you take out a personal loan from a financial institution, such as a bank, to pay off your multiple creditors immediately. Through this loan consolidation option, you make one consolidated low monthly payment on the new loan. You can obtain this loan with easy terms if you have a good credit score.


Payday loan consolidation

This is where you can consolidate your multiple payday loan debts with a simple payment plan at a low-interest rate. You don't have to pay extra dollars for fines, high-interest rates, and penalties. Just follow the new repayment plan that fits your budget. You'll be out of the vicious cycle of payday loan debt soon.


Credit card consolidation

This is where you can pay off your high-interest credit card debts with an affordable payment plan. Late payment fees and penalties are dumped. All you need to do is pay a small amount every month to a debt consolidation company and be stress-free. The consolidation company will manage your credit card debts, collection calls, and payments.


Medical debt consolidation

Through this process, you repay your medical bills by paying a single monthly amount at a low interest. By doing so, you can avoid collection calls, wage garnishment, and any legal action, when you can’t repay your medical debt on time. By enrolling in a consolidation program, you can repay medical bills through complete professional guidance.


Utility bill consolidation

By consolidating your utility bills like electricity, gas, water, internet, cable TV and phone services, you can repay your multiple debts by paying a single amount every month. It will help you to manage your multiple debts in a better way and you can repay bills within a definite time.


Ask yourself 3 things before going ahead with debt consolidation

Have you worked on a debt repayment plan before?
Do you struggle to keep up with the monthly payments?
Are you getting annoying collection calls?
If you've answered 'Yes' to any one of the above questions, then, it can help you overcome your debt problems.

Can you consolidate debt with bad credit in your state?

It is a bit difficult to take out a debt/bill consolidation loan with a bad credit record. So, it will be better if you look for other options to consolidate your credit card debt along with other unsecured debts in your state. It will be helpful for you to know if there are any specific laws about payday loans and how to deal with other unsecured debts.

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Manage your money with these debt relief plans

Apart from consolidation, you can choose 4 other debt relief plans to achieve financial freedom. Check out the plans to know which one will be best for your situation.

Debt Settlement

This option can help you take control of your financial life by paying a reduced amount up front. You can use a debt settlement calculator to find out how much to pay and save.

Debt Management

Through this option, you can replace your multiple bill payments with a single low monthly payment. You also get a smart budget plan and education to reduce expenses.

Interest Rate Arbitration

In this process, you replace your unsecured bills with a secured loan at a low-interest rate. So, you can repay multiple debts at a low rate and lower single monthly payments.


This is a legal option which can help you get your financial life back in order and you can start afresh. You can initiate this legal process to get a discharge from your multiple debts.