The best way to consolidate a large amount of credit card debt (anything over ,000) without taking on a new loan, is to enroll in a Debt Management Plan.

Most financial experts agree that a Debt Management Plan (DMP) is the preferred method of debt consolidation.

There are several types of DCLs, including home equity loans, zero-interest balance transfers on credit cards, personal loans, and consolidating student loans.

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All payments made during that time will go toward reducing your balance.

When the introductory rate ends, interest rates jump to 13–27% on the remaining balance.

Learn More About Management Plans A Debt Consolidation Loan (DCL) allows you to make one payment to one lender in place of multiple payments to multiple creditors.

A debt consolidation loan should have a fixed interest rate that is lower than what you were paying, which reduce your monthly payments and make it easier to repay the debts.

— 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.

A consolidation loan should reduce your interest rate, lower your monthly payment, and give you a practical way to eliminate debt.If you need help getting out of debt, you are not alone.Although signs show an upturn in the economy, many Americans are deep in debt, and not everyone can work overtime or a second job to pay down that debt.The most-recommended DMPs are run by non-profit organizations.They start with a credit counseling session to help determine how much money you can afford to pay creditors each month.— into one bill and paying all of them with a single loan.