7 Debt Reduction Strategies - Debt Consolidation

If all else fails, there’s still the credit card option. This one is last on the list for a reason. If your debts are relatively low and you still have pretty good credit, apply for another card with a 0% or low-interest balance transfer feature. Try to get a 0% balance transfer card if you can realistically pay off all or most of the debt within the balance transfer period. If you think that there will still be a substantial amount of debt at the end of the transfer period, then opt for a card with a permanently low interest rate. And to ensure that you don't slip back into the same debt trap, cut up all those credit cards and close their accounts.

Debt consolidation loans are only one way to get out of debt. Depending on your personal circumstances, you may not have to go that far. But you won’t really know until you sit down and take stock of your situation. A good, realistic budget will help you do that. Remember, the best way to get out of and stay out of debt is to change your habits.

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