Need help consolidating my bills
The 0% interest is known as an “introductory rate” that expires, typically after 12-18 months.
The rates on the cards then jump to between 15% and 25%.
The loan is used to pay off all credit card debt, leaving the borrower with a single monthly payment, interest rate and due date.
The drawback is that these loans require a good credit score, which might be difficult to achieve if you are already in debt.
Debt management is a form of nonprofit debt consolidation that will reduce your monthly payments and interest rates – all without a loan.
If you’ve been a good customer at that bank or credit union, they may take that into consideration and reduce your rates.Debt management plans primarily consolidate credit card debt, which happens to be the most common reason to consolidate debt.But you can also add past due utilities, collection accounts, payday loans and medical debt for “payment convenience.” In other words, there isn’t a reduction in interest rates, but it can simplify and consolidate your bills.DMP’s however, can pay the bills for you without having those debts accumulate interest.Secured debts such as homes, property and automobiles can be refinanced, but are not considered good candidates for debt consolidation.