How to Do Debt Consolidation Without a Lawyer
- 1). Talk to your credit card issuer about a balance transfer. As a loyal customer, your credit card company may approve you for a low-interest credit card, which allows you to transfer your balances from multiple cards to the new one. If not, compare credit card offers on sites such as Creditcards.com
- 2). Consolidate with a secured debt consolidation loan. Use your car title (if applicable), or another valuable piece of personal property and talk to your bank or another financial institution about a debt consolidation loan. A good credit score and steady income are required.
- 3). Use your home's equity to eliminate outstanding balances. Home equity loans give property owners the opportunity to consolidate their debts. Once approved for a home equity loan, the lender gives you a check for a particular amount, and you use this money to pay off balances.
- 4). Check into debt consolidation programs. These organizations do not issue loans. Instead, they freeze your current accounts, structure a new repayment plan and negotiate a lower interest rate to help you reduce your debts faster. Non-profit debt consolidation programs do not charge monthly fees.
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