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A lender may lower the interest rate on your credit card balance when you participate in a debt management plan.
Debt management plans typically last three to five years.
Then you’ll only have one monthly payment: the loan, the credit card or the debt management plan.
Not only does that simplify your debt payments, it can also help you save money.
Here’s how credit card consolidation works: You first decide if you want to take out a new loan, open a new credit card or enroll in a debt management plan (more on that later).
Whichever option you choose, you will use it to pay off your multiple balances.
It’s also a good idea to stay clear of websites and lenders that charge you big upfront fees for a debt consolidation loan.
With a debt management plan, you make one monthly payment to a credit counseling agency and the agency pays each of your credit card lenders.
Throughout the process, you can keep tabs on how your credit card consolidation plan is affecting your credit by reviewing your free annual credit reports and viewing your Comments on articles and responses to those comments are not provided or commissioned by a bank advertiser.And you can verify if a lender is registered to do business in your state by contacting your state Attorney General’s office or your state’s Department of Banking or Financial Regulation.Beware of any lender that promises to offer you a loan regardless of your credit.One of the first things you’ll want to do is check your credit reports for accuracy.An error on any of your credit reports could prevent you from qualifying for the debt consolidation help you need, so .