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Finding The Best Way to Pay Off Debt

If you’re drowning in credit card debt there are five ways to get out of it. These solutions can help you avoid spending decades paying down your balances with minimum payments. Finding the right debt solution for your needs, budget, and credit will help you get back to financial stability faster.

Find the Best Way to Pay Off Debt
Consolidated Credit's infographic covering 5 debt solutions

What’s the Best Way to Pay Off Debt? Paying off debt is easier with a plan Here are five popular methods Balance Transfer Cards: Pay off your balances quicker with these low or no interest credit cards. Be aware of fees and when the teaser interest rate ends Debt Consolidation Loans: Personal loans can offer a lower monthly payment with a better APR, but you’ll need a good credit score to get a good rate. Check origination and other associated fees. Debt Management Program: You’ll have reduced interest rates and only one monthly payment to make. In as little as 36 months you may be able to pay off your debt while saving up to 30 to 50% in total payments. Debt Settlement: Experts negotiate with your creditors so you pay less than what you owe, but you may see damage your credit score. Bankruptcy: Discharge qualifying debts and start fresh, but be sure to research the long-lasting financial consequences and credit score damage.

Get a free debt and budget evaluation from a certified credit counselor to identify the right debt solution for your needs.

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