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A company will manage the plan and negotiate some cost reductions with your creditors, such as waived fees or a lower interest rate.
You’ll make a single payment to the plan manager, who will distribute the funds to your creditors.
They may simplify your payment without significantly lowering your cost of debt.
A great way to consolidate debt, especially if you have bad credit, is to enroll in a debt management program, which we’ll discuss in a moment.
If you’re financially drowning, of course you can declare bankruptcy.
If you are a careful money manager who fell into debt because of unusual circumstances (medical or veterinary bill, loss of employment or some other emergency) and NOT because you spent more on your credit cards than you could afford to pay off each month, then leave the accounts open.
If you want to pay off debt fast, the best way is a two-pronged approach: Debt consolidation means taking out one new loan large enough to repay some or all of your outstanding debt.
You get the money, pay off your accounts, and then make a single monthly payment to pay off the new debt.
But the option we want to discuss here is paying off debt.
You may have heard that some creditors are willing to settle your debt for pennies on the dollar.
The truth is that having any debt means you are financially beholden to a creditor and you can’t put your money in your own pocket until your obligation is met.