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If you do the math and decide that a consolidation loan isn’t for you or if you learn you can’t get one, there are some other ways to get those debts under control.
- Get consumer credit counseling
- Do a balance transfer – transfer you high-interest debts onto a credit card with a lower interest rate or better yet, a 0% interest rate
- Snowball your debts – list your debts in order from the one with the lowest balance up to the one with the highest. Pay off the one with the lowest balance first as this will be the easiest one to pay off, then use the money you’ve freed up to begin paying down the debt with the second lowest balance and so on
- Declare bankruptcy
- Negotiate settlements with your creditors – if you’re six months or more behind in your payments, you may be able to negotiate settlements for pennies on the dollar. Not familiar with DIY debt settlement? Here’s a video that explains it.