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Let them know you’re struggling and ask them for help.

Don’t wait to make the call until you just can’t afford to pay them anymore or your account has been turned over to a collections agency. Creditors may be willing to accept a reduced payment, lower your interest rate and waive fees and penalties rather than see you default on the amount you owe.

But debt consolidation is not always the best way to deal with debt issues, and it has drawbacks you should be aware of before you move forward with it.

What’s more, there are several ways to go about consolidating debt, and depending on your circumstances, one method might make more sense for you than another.

This approach can work if you know you’ll be able to pay off the entire debt before the promotional period expires.

It’s also important to avoid making additional credit card charges while you’re paying off a high balance to not further increase your debt.

In general, debt consolidation loans can reduce the amount of interest you pay each month, reduce the number of creditors you have to deal with, and shorten the amount of time it will take to pay off your debts as long as you qualify and keep with the program terms.

If you’re struggling to pay high interest rates on a lot of unsecured debt, consolidation may seem like an attractive solution.

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They might also negotiate how the debt is reported, whether settled or paid in full.Reducing your monthly payment often means that it will take you longer to pay off your debt and the debt will be more expensive over time, but some people see this as a necessary trade-off to avoid defaulting.If your credit is good, you may be able to qualify for a personal loan that you can use to pay off high-interest debts such as credit cards.The act of opening a credit card can be helpful or hurtful depending on your credit history.An inquiry can negatively impact your credit score.