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If you’re feeling weighed down by several credit card balances, credit card debt consolidation could provide some serious relief from your financial woes.

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If you’re making little to no progress repaying or transferring balances or consider yourself to have a severe debt problem, then you may want to reach out to a reputable credit counseling agency or debt consolidation company.

They can talk to you about a With a debt management plan, you make one monthly payment to a credit counseling agency, and the agency pays each of your credit card lenders.

You can transfer high-interest rate credit card balances to a single card with a lower APR and save money on monthly finance charges as you pay down your debt.

For consumers with good credit, there are several credit card balance transfer, and low-interest rate available.

A lender may lower the interest rate on your credit card balance when you participate in a debt management plan.

Debt management plans typically last three to five years.Promotional interest rates expire — like 12 months of a 0% APR on a balance transfer card — so make sure you can repay your debt within that time frame. Failing to pay a personal loan as agreed will hurt your credit, so stay on top of your loan payments and work to build up a solid payment history.No matter what credit card consolidation options you’re considering, be sure to ask about any fees you may have to pay and factor those numbers into your decision.Your credit utilization counts toward 30% of your credit score, and that’s why it’s important to keep that ratio low — under 30% and, optimally, less than 10% of your credit limits, overall and on individual cards.Keep in mind a debt management plan may have a negative impact on your credit during the course of the program because your creditors will close or suspend your accounts while in the program, and this can affect your credit utilization.Credit card debt consolidation may save you money, but it’s often not free.

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