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You have multiple options for debt consolidation: Each option has advantages, disadvantages and challenges.Here’s a closer look: If you’re struggling with debt, you may have already been approached by companies that promise they will help you wipe out your debt. Such companies may charge you hefty fees for consolidating your debt, and it’s possible to wind up even further in debt if you don’t fully understand the company’s fees and conditions.That's where debt consolidation and other financial options come in.Consolidate Your Debt Now Debt consolidation is combining several unsecured debts — credit cards, medical bills, personal loans, payday loans, etc. Instead of having to write checks to 5–10 creditors every month, you consolidate bills into one payment, and write one check.These are not quick fixes, but rather long-term financial strategies to help you get out of debt.

Waiting will only put you further into debt (and possibly put more gray hairs on your head).

Borrowers who used a personal loan via Lending Club to pay off high interest credit cards or consolidate debt report in a survey that the interest rate on their loan was an average of 24% lower than they were paying on their outstanding debt or credit cards.

With fixed, low interest rates and monthly payments, the amount you pay will never increase, giving you a clear path to being debt free.

If you need help getting out of debt, you are not alone.

Although signs show an upturn in the economy, many Americans are deep in debt, and not everyone can work overtime or a second job to pay down that debt.

In general, debt consolidation loans can reduce the amount of interest you pay each month, reduce the number of creditors you have to deal with, and shorten the amount of time it will take to pay off your debts as long as you qualify and keep with the program terms.

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