(See also: Snowballs or Avalanches: Which Debt Reduction Strategy Is Best for You?) One way of speeding up the repayment process is debt consolidation.The best way to consolidate credit card debt under ,000 could be to get a zero-percent interest credit card and transfer balances from high-interest credit cards over to it.
You can then repay all of your debts with one monthly payment.
This helps eliminate mistakes that result in penalties like incorrect amount or late payments.
There are three major types of debt consolidation: Debt Management Plans, Debt Consolidation Loans and Debt Settlement.
A debt consolidation loan can simplify your monthly payments into just one payment and may possibly result in lower monthly payment.
Debt consolidation often works best for those with credit card debt, which generally comes with higher interest rates.