Consolidating credit agencies

There are some drawbacks — you could face a longer repayment period before you finish paying off the debt — but it’s definitely worth investigating.Learn More About Consolidation Loans Bill consolidation is an option to eliminate debt by combining all your bills and paying them off with one loan.

You send one payment to the agency running the DMP and they split it among all your creditors.

The most-recommended DMPs are run by non-profit organizations.

They start with a credit counseling session to help determine how much money you can afford to pay creditors each month.

Utilizing a debt management plan could affect your credit score.

However, at the end of the 3-to-5 year process, you should be debt free, which definitely improves your score.

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