There are three major types of debt consolidation: Debt Management Plans, Debt Consolidation Loans and Debt Settlement.These are not quick fixes, but rather long-term financial strategies to help you get out of debt.By evaluating your situation as well as your options, you can determine whether this makes sense for you.
Debt, for many people today, is simply a fact of life.
It's the way they pay for just about everything from big-ticket items like homes and cars to daily purchases like gasoline and chewing gum.
A closer look at the subject provides a more sophisticated way of both viewing indebtedness.
SEE: Check out our credit card comparison tool and find out which credit card is right for you.
At its most basic definition, debt is simply an amount of money borrowed by one party from another.
Under this definition, debt sounds neither good nor bad.
When done correctly, debt consolidation can: There are several ways to consolidate debt, depending on how much you owe.
The best way to consolidate credit card debt under ,000 could be to get a zero-percent interest credit card and transfer balances from high-interest credit cards over to it.
When you're choosing the term of a loan, consider the total amount of interest and fees you’ll pay.