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This can allow you to set aside a portion of your income each month to pay down balances for each card, one at a time.When you have paid off all the cards, choose one and be responsible with how you use it.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.The 0% interest is an introductory rate that usually lasts for 6–18 months.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.

A consolidation loan should reduce your interest rate, lower your monthly payment, and give you a practical way to eliminate debt.

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.

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.

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