The non-profit agency can help you get a lower interest rate from creditors and reduce or waive late fees to help make your monthly payment affordable.
There are several types of DCLs, including home equity loans, zero-interest balance transfers on credit cards, personal loans, and consolidating student loans.
It is a popular way to bundle a variety of bills into one payment that makes it easier to track your finances.
With bill consolidation, you make only one monthly payment — a good idea for when you have five, or maybe even 10 separate payments for credit cards, utilities, phone service, etc.
If you consolidate all bills into one, the single payment should be at a lower interest rate and reduced monthly payment.
That's where debt consolidation and other financial options come in.
Consolidate Your Debt Now Debt consolidation is combining several unsecured debts — credit cards, medical bills, personal loans, payday loans, etc. Instead of having to write checks to 5–10 creditors every month, you consolidate bills into one payment, and write one check.
There are some drawbacks — you could face a longer repayment period before you finish paying off the debt — but it’s definitely worth investigating.
Learn More About Consolidation Loans Bill consolidation is an option to eliminate debt by combining all your bills and paying them off with one loan.
— and what the monthly payment and interest rates are on those bills. Once you have this information, make sure to compare lender’s rates, fees and length of time making payments before making a decision.