If you owe more than half your gross income or if you can’t expect to pay off the debt within five years, then you should seek a debt management plan through a credit counselor or consider filing for bankruptcy.
Others succeed because debt consolidation is part of a bigger plan to gain control over their finances.
So the first step in debt consolidation is simply to consider whether it will actually work for you.
There are many ways to consolidate your credit card and other debt, such as with a 0% APR credit card, a home equity loan or a personal loan.
The option that best suits you will depend on your credit, available cash and other aspects of your financial situation, as well as your personality. What to do if your debt is insurmountable Get ready to tackle your debts Your options for debt consolidation Should you consolidate your debt?
Nerd Wallet is a free tool to find you the best credit cards, cd rates, savings, checking accounts, scholarships, healthcare and airlines.Start here to maximize your rewards or minimize your interest rates.