Debt Consolidation
What is it? And what can you consolidate?
What is debt consolidation?
What debt consolidation is and what it is not. Definitions and basic concepts.
Which debts can be consolidated
Only unsecured debts such as credit cards, medical bills, personal loans, etc. can be consolidated. Comprehensive list of debts that are eligible for consolidation.
Secured vs. Unsecured Debt
Learn the difference between a secured and an unsecured loan. Examples of the different type of loans, pros and cons of each, and which ones can be consolidated.
Credit Card consolidation
Characteristics of credit card debt and what to do before consolidating your debt
Student Loan consolidation
Learn about the difference between Federal Student Loans and Private Student Loans and what consolidation options are available for each type of student debt.
How to consolidate your debt
How to consolidate debt
There are 4 ways to consolidate your debt: secured loans, unsecured loans, a credit card balance transfer, and a debt management program. Determine which one is the best option based on your financial situation and profile.
Credit card balance transfer
How a balance transfer can be used to consolidate your debt, and when it shouldn't. What to look for in a balance transfer offer, mistakes to avoid, the balance transfer game, advantages and disadvantages, and how to make the transfer.
Debt consolidation loans
All the types of secured and unsecured loans suitable for debt consolidation, pros and cons of each option, which one is the best for your situation, and a review of the characteristics of a good consolidation loan: low interest rate, short repayment period, small monthly payment amount, and low fees.
Debt consolidation loans for bad credit
If you have bad credit, getting a debt consolidation loan can be very challenging. We provide some tips on how to get them and where, and what traps and mistakes to avoid.
Debt Management Program (DMP)
Learn what a Debt Management Program (DMP) is and how it works. Can it be considered a form of debt consolidation? Pros and cons of this option.
Practical advice, tools & resources
Debt consolidation companies
The different categories of debt consolidation companies: companies providing loans, companies offering balance transfer credit cards, credit counseling agencies offering debt management plans (DMP), and debt settlement companies (which are often incorrectly considered debt consolidation companies when they are not). How to check the reliability and reputation of a company, 7 red flags of debt consolidation companies, and 3 things to know before you even consider hiring a company.
Non Profit debt consolidation
Everything you need to know about non-profit debt consolidation. Non profit abuse and scams.
Debt consolidation calculator
Compare monthly payment, total interest cost, and the repayment period between a debt consolidation loan and your current credit card or other unsecured debt. List of the best debt consolidation calculators and tools.
Resources
List of online resources that you can consult when you are considering debt consolidation.
Alternatives to debt consolidation
Credit Counseling
What is credit counseling? Who provides it? How does it work? Mandatory requirements and its effect on your credit report and credit score.
Debt settlement
What is debt settlement? Why it's not a form of debt consolidation, and why typical debt settlement practices are considered abusive and harmful.
Bankruptcy
Overview of Personal Bankruptcy as an alternative to debt consolidation: what it is, the difference between Chapter 13 and Chapter 7 Bankruptcy, and which debts can be eliminated when you file for Bankruptcy.