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Tack a line of credit, car loan or student debt onto your string of credit card bills, and you can see why debt consolidation looks like a viable resolution."Somebody who considers [consolidation] is in over their head, reaching their limits on their credit cards and they're experiencing financial hardship," Kathryn Bossler, a financial counselor at Green Path Debt Solutions, says."But consolidation is just a temporary bandage for a bigger problem.""It's a tool and it's not step one because nothing has changed," agrees Carol Lewis, a certified financial planner who specializes in helping consumers get out of debt.You can find free or low-cost credit counseling options at: Under the provisions of the Servicemembers Civil Relief Act (SCRA), you may qualify for a reduced interest rate on mortgage payments or credit card debt, protection from eviction, or a delay of all civil court actions, such as bankruptcy, foreclosure, or divorce proceedings.
Debt consolidation loans can seem like a good solution, but can sometimes just lead you further into debt.
Most issuers charge a balance transfer fee of around 3%, and some also charge an annual fee.