A technique called credit card debt consolidation involves taking several credit card balances and combining them into a single monthly payment.

If the new debt has a lower annual percentage rate than your credit cards, consolidating your debt is perfect. This can lower interest costs, simplify your payments, or accelerate the payoff process. The best debt consolidation strategy will vary depending on your credit score, how much debt you have, and other factors.

Plans for managing debt combine numerous debt payments into a single one each month with a lower interest rate. It works best for people who are having a hard time making ends meet due to credit card debt but are ineligible for other options because of a low credit score.

Plans for debt management don't impact your credit score, in contrast to some alternatives for credit card consolidation. Bankruptcy might be a better choice if your debt exceeds 40% of your income and cannot be paid off within five years. Check out our best debt settlement program for all at Debt Consultation.

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