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Debt consolidation is when you move some or all of your existing debt from multiple accounts (such as credit cards and loans) to just one account. To do this you'd pay off ? and potentially close ? your old accounts with credit from the new one. Your debt won't disappear, but it will all be in one place.

If you do it right, debt consolidation might slightly decrease your score temporarily. The drop will come from a hard inquiry that appears on your credit reports every time you apply for credit. But, ing to Experian, the decrease is normally less than 5 points and your score should rebound within a few months.

There are specific steps to a debt management plan that all must be followed with care to make it work: Create a spreadsheet. Determine a debt management strategy. Negotiate lower interest rates. Limit expenses. Track your progress and monitor your credit report.

Debt consolidation is where you take out new credit, such as a consolidation loan and use the new credit to pay off your existing debts in full. Taking out more credit is usually not a good option if you are struggling to pay essential bills, or are already missing payments on your debts.

8 Ways to Consolidate Unsecured Debt Debt management program. Credit card balance transfer. Personal loan. Peer-to-peer online lender. Home equity loan or line of credit. Retirement account loan. Borrowing from friends and family. Cash-out auto refinance.

Debt consolidation is when you move some or all of your existing debt from multiple accounts (such as credit cards and loans) to just one account. To do this you'd pay off ? and potentially close ? your old accounts with credit from the new one. Your debt won't disappear, but it will all be in one place.