The most-recommended DMPs are run by non-profit organizations.
They start with a credit counseling session to help determine how much money you can afford to pay creditors each month.
The best way to consolidate a large amount of credit card debt (anything over ,000) without taking on a new loan, is to enroll in a Debt Management Plan.
When the introductory rate ends, interest rates jump to 13–27% on the remaining balance.
Be aware, however, that balance transfer cards often charge a transfer fee (usually 3%), and some even have annual fees.
Another DIY way to consolidate your credit card debt would be to stop using all your cards and pay using cash instead.
These are not quick fixes, but rather long-term financial strategies to help you get out of debt.
When done correctly, debt consolidation can: There are several ways to consolidate debt, depending on how much you owe.
That's where debt consolidation and other financial options come in.