Consolidating debt without a loan

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Bear in mind that these loans often spread the debt over a longer period of time, meaning that you may be in debt for many years.

You should think carefully before choosing to consolidate your debt, because there may be better options available to you.

Credit cards offer a way of unsecured debt consolidation by transferring balances from your debts into one credit card when you open a new line of credit.

Many credit card companies combine your debts with a low interest rate, but these rates may only last for a short time as an introductory offer.

A bank or credit union may offer you a personal loan on your unsecured debt.

An unsecured loan means you are borrowing money on a promise to pay it back without a home or other form of collateral.

His articles have appeared in Gannett and American Media Inc. He is the author of "The Complete Guide to Trust and Estate Management" from Atlantic Publishing.

By taking out another loan to pay off a number of smaller debts, you may be able to reduce your monthly payments and simplify your finances.

A credit counseling agency may advise you to enroll in its debt management plan for a payment schedule on your unsecured debts.

Credit counseling organizations can advise you on working out your budget, depending on your financial situation.

Many credit counseling services are no-profit, but some charge high fees.

on credit cards or store cards), you may be able to get a loan with a lower rate.

If you have high levels of debt, banks may only offer you a loan with a high interest rate.

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