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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.
If the interest rate you get for a debt consolidation loan is not lower than the average interest rate you already were paying on your credit cards (see above), then a debt consolidation loan does you no good.
It should reduce your monthly payment by lowering the interest rate on your bills, making it easier to pay off the debt.The agency may also get the card companies to waive late fees or over-the-limit fees. Debt management programs usually take 3-5 years to eliminate debt.If you miss a payment, they can revoke whatever concessions were made on your interest rate and monthly payment.Next, look at your monthly budget and add up spending on the basic necessities like food, housing, utilities and transportation. However, those characteristics – effective budgeting and motivation – aren’t generally evident when people fall behind on their bills.And that’s is where a The conventional method for consolidating debt is to get a loan from a bank, credit union or online lender.
The loan should be large enough to eliminate all the unsecured debt at one time.