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You might even get out of debt faster and save money along the way.
Debt consolidation comes in several forms, including credit counseling, balance transfers, and debt consolidation loans, so review your options carefully before making a decision.
Or, you might apply for a new credit card with a lower interest rate.
Be careful about introductory rates, also called teaser rates.
Make sure you know what rate will be in effect after the first couple of months.
If it's too high, this option may not be your best choice.
When you're experiencing financial distress, these companies, also referred to as debt management companies, work with your creditors to restructure your unsecured debt.
Through a debt relief plan, you make one monthly payment to them, and they pay your creditors.
But beware of the numerous scams and fraudulent companies out there; they could put you in a worse financial situation than you’re already in.If you have lots of debt, consolidation may save you time and money.Depending on your financial situation, there may be a solution that's right for you.But if you’re one of the many consumers with bad credit, you may be wondering whether you even qualify for a consolidation loan.Getting a debt consolidation loan when you have bad credit can be tough, especially if you seek help from the wrong source.