You have two options to consolidate and reduce your debt if you dont own a home. First, you can use the services of a debt consolidation agency. They will negotiate lower interest rates and smaller payments. The other option is to take out a personal loan and pay off your debt. The best option depends on your financial situation.
Debt Consolidation Agency
Debt consolidation agencies, also called credit counseling, offer many credit services. Their primary job is to help you pay your debt and bills by negotiating lower rates and payments with creditors. If you have bad credit or on the verge of bankruptcy, this service might be your best choice.
You arent charged any fees by these agencies since they are funded by financial companies. Financial companies dont want to see you declare bankruptcy and not pay them back, so they are willing to set up alternative payment plans.
Besides consolidating and reducing your debt, you can work with credit counselors to improve your credit. They can offer you advice on creating repayment plans, saving goals, and future financial strategies.
You can also decide to use a personal loan for...