Credit card debt consolidation is a term that gets thrown around on TV a lot. Once you understand what debt consolidation is and how it is accomplished, it is very likely you can accomplish the same goals and get the same benefits without paying anyone an excessive fee.
If you are willing to give up the home you live in and move into something much less expense and you are willing to sell any extra automobiles you have or sell the one you have and purchase a less expensive model, then credit counseling is an option.
Second, another option for unsecured debt consolidation is to use a credit counseling service. These are not for profit services that do charge a fee and will help you settle your debts and get your finances under control.
They will work with your creditors to get you lower payments and interest rates. To be aware that when you use this option for unsecured debt consolidation they will often ask you to work a second job, sell things you do not need, and move into a less expensive home.
The best option for debt consolidation for those with bad credit is a debt service. Just like bankruptcy and credit counseling you will have to pay a fee for this service, but it is worked into your monthly payment. They set everything up on the budget you give them to work with so that you can afford it.
Then, they will combine all your creditors into one monthly payment that fits your budget along with their fee. This will be paid to them monthly and they will split it up for you and pay all your creditors. You can be debt free in less than 36 months with this option.
Resource Author Francisco R. Higueras
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