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If you are falling behind paying off your credit card debt, it’s very likely your credit score is tumbling, too.

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It’s up to consumers to decide which one best suits their situation.

Debt consolidation is also referred to as “bill consolidation” or “credit consolidation.” By any name, consolidating debt effectively should get you out of debt faster and eventually unsecured debt such as credit cards.

If you are tired of seeing your credit card balance rise every month …

and the balance has reached levels that are starting to overwhelm you ...

Instead, the nonprofit credit counseling agencies work with card companies to reduce the interest rate and lower the monthly payment to an affordable level for the consumer.

The consumer sends a monthly payment to the credit counseling agency, which then distributes the money to each creditor in an agreed upon amount.

If you continue to overspend with credit cards or take out more loans you can’t afford, rolling them into a debt consolidation loan will not help.

The first step is to list the amount owed on your monthly unsecured bills.

Debt consolidation is a sensible solution for consumers overwhelmed by credit card debt. Consolidation cuts costs by lowering the interest rate on debts and reducing monthly payments.

Debt consolidation is a financial strategy, merging multiple bills into a single debt that is paid off by a loan or through a management program.

There are alternative loan possibilities such as home equity loans or personal loans, but neither helps if you can’t improve the interest rate you’re paying or the repayment period is so long it doesn’t make sense.

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