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You risk losing some or all of the assets you used to secure the debt.Similarly, you should explore all other options before choosing to withdraw money from tax-free accounts you set up for your retirement.Most financial experts agree that a Debt Management Plan (DMP) is the preferred method of debt consolidation.The most-recommended DMPs are run by non-profit organizations.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 credit bills into one payment, and write one check.A consolidation loan should reduce your interest rate, lower your monthly payment, and give you a practical way to eliminate debt.

There are several types of DCLs, including home equity loans, zero-interest balance transfers on credit cards, personal loans, and consolidating student loans.When done correctly, debt consolidation can: Making the decision to consolidate debt is the first step.Ignoring your debts will not make them go away; it will make your problems worse.Learn More About Consolidation Loans Banks and credit unions are good places to ask about consolidation loans, but online lending sites may be a better place to borrow. Start by listing each of the debts you intend to consolidate — credit card, phone, medical bills, utilities, etc.— and what the monthly payment and interest rates are on those bills. Once you have this information, make sure to compare lender’s rates, fees and length of time making payments before making a decision.This helps eliminate mistakes that result in finances charges like late payments.Note: Debt consolidation is commonly referred to as credit consolidation.It is a popular way to bundle a variety of bills into one payment that makes it easier to track your finances.There are some drawbacks — you could face a longer repayment period before you finish paying off the debt — but it’s definitely worth investigating.You also could look at a personal loan to pay off your balances.You could get a home equity line of credit, a home equity loan or a second mortgage on your home, or refinance your existing mortgage.

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