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But you can recover from credit score damage much more easily and quickly than you can recover from crushing debt.
If you are a careful money manager who fell into debt because of unusual circumstances (medical or veterinary bill, loss of employment or some other emergency) and NOT because you spent more on your credit cards than you could afford to pay off each month, then leave the accounts open.
The latter might come with a zero percent introductory interest rate, giving you several months or more to pay down your balance interest-free.
The best debt consolidation solution is one that simplifies your financial life or lowers your cost of debt, or both.
Debt consolidation companies like National Debt Relief and Freedom Debt Relief offer to help you through the process for a fee (eating into your savings).
They will instruct you to stop paying your bills, which leaves you open to lawsuits by your creditors.
You can get rid of credit card debt in several different ways. You can also take out a home equity loan (or a cash-out refinance) from your mortgage lender, or you can open a new credit card and transfer the balances over.
But the option we want to discuss here is paying off debt.
You may have heard that some creditors are willing to settle your debt for pennies on the dollar.
If you’re already struggling to make your debt payments or your credit cards are maxed out, you may not qualify for a zero percent credit card balance transfer offer.
Bad credit debt consolidation loans are available from some lenders but they are costly.
One of the biggest pitfalls of debt consolidation is the risk of running up new debt before the consolidated debt is paid off.