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There are several types of DCLs, including home equity loans, zero-interest balance transfers on credit cards, personal loans, and consolidating student loans.It is a popular way to bundle a variety of bills into one payment that makes it easier to track your finances.
Other options include borrowing against a whole life insurance policy and borrowing against you retirement savings.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.Be aware, however, that balance transfer cards often charge a transfer fee (usually 3%), and some even have annual fees.
Another DIY way to consolidate your credit card debt would be to stop using all your cards and pay using cash instead.
Utilizing a debt management plan could affect your credit score.