With the current economy, it seems like there are more people than ever before trying to consolidate credit card debts.
And consolidating your debts is a great way of getting out of debt as long as you don't do it with a loan.
Using debt to finance a debt is never smart, not to mention that most debt consolidation loans are secured with your home.
If you default on this type of a loan, you could be faced with foreclosure.
Are you wondering how to consolidate your debts without a loan? A nonprofit credit counseling agency will be able to consolidate all your unsecured debts into one monthly payment.
You can not place all debts with credit counseling, but major credit cards, store credit cards and medical bills are a few of the debts they will take and that should get you off the to a good start.
A few accounts that credit counseling cannot enroll in their program are car loans, home loans, student loans and taxes.
Credit counseling will allow you to pay all enrolled accounts with one payment per month.
Your interest rates should go down to about 10% and you will not be charged fees anymore.
The interest rate reduction in itself will save you hundreds of dollars and years of repayment time.
Enrolling in the program and making a 2% payment each month should have you debt free in about five years.
Being debt is definitely no fun.
The sooner you start a plan for getting out of debt, the sooner you can get on with your life.
Getting a no obligation quote for debt relief is quick and easy and it can be done as soon as today.