Consolidating auto loans

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.If you have a very good credit score (700 or above), the best way to consolidate credit card debt is to apply for a 0% interest balance transfer credit card.

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.

You could get a home equity line of credit, a home equity loan or a second mortgage on your home, or refinance your existing mortgage.

Other options include borrowing against a whole life insurance policy and borrowing against you retirement savings.

These are not quick fixes, but rather long-term financial strategies to help you get out of debt.

When done correctly, debt consolidation can: There are several ways to consolidate debt, depending on how much you owe.Be aware, however, that balance transfer cards often charge a transfer fee (usually 3%), and some even have annual fees.Another DIY way to consolidate your credit card debt would be to stop using all your cards and pay using cash instead.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.— 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.