Best Ways to Consolidate debt

If you have a poor credit score, financial institutions may not be willing to consolidate your debts. In that case, debt management plans can help you roll all your debts into a monthly payment at a more favorable interest rate.

However, debt management plans do require that you have an existing, consistent income stream. If you believe your debt cannot be paid within the next five years, it’s better to opt for bankruptcy. 

Consolidation loans are loans specifically given for the purpose of consolidating your debts. This is the simplest way to consolidate your debt with a preferred financial institution. You might even benefit from a lower rate of interest.