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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 ? combining multiple debt balances into one new loan ? is likely to raise your credit scores over the long term if you use it to pay off debt. But it's possible you'll see a decline in your credit scores at first. That can be OK, as long as you make payments on time and don't rack up more debt.

Debt consolidation might be a good idea if you can get a lower interest rate than what you're currently paying across your debts. This would reduce interest costs, lower your monthly payment or help you pay off debt faster.

Debt consolidation is when you take out a new loan to pay off multiple debts, ideally at a lower interest rate. Debt settlement is when you hire a company to negotiate your debt and pay less than you owe. Overall, debt consolidation is a safer option for your credit score.

Banks, credit unions, and installment loan lenders may offer debt consolidation loans. These loans convert many of your debts into one loan payment, simplifying how many payments you have to make. These offers also might be for lower interest rates than what you're currently paying.

Debt consolidation can be an excellent way to streamline your payments, eliminate your debt faster and even save money along the way. It's not always the best approach, however, and it's important to understand your situation and your goals to determine the best way to tackle your debt situation.

Debt settlement involves offering a lump-sum payment to a creditor in exchange for a portion of your debt being forgiven. You can attempt to settle debts on your own or hire a debt settlement company to assist you. Typical debt settlement offers range from 10% to 50% of the amount you owe.

How can you consolidate collection debt? Enroll in a debt consolidation program. Take out a debt consolidation loan. Transfer your balance to a credit card.

There are also some downsides to debt consolidation that you should consider before taking out a loan. It won't solve financial problems on its own.There may be up-front costs.You may pay a higher rate.Missing payments will set you back even further.

Offer a Lump-Sum Settlement Some want 75%80% of what you owe. Others will take 50%, while others might settle for one-third or less. Proposing a lump-sum settlement is generally the best optionand the one most collectors will readily agree toif you can afford it.