Consolodating credit card debt
With bill consolidation, you make only one monthly payment — a good idea for when you have five, or maybe even 10 separate payments for credit cards, utilities, phone service, etc.
If you consolidate all bills into one, the single payment should be at a lower interest rate and reduced monthly payment.
The best way to consolidate a large amount of credit card debt (anything over ,000) without taking on a new loan, is to enroll in a Debt Management Plan.
Most financial experts agree that a Debt Management Plan (DMP) is the preferred method of debt consolidation.
However, at the end of the 3-to-5 year process, you should be debt free, which definitely improves your score.
These are not quick fixes, but rather long-term financial strategies to help you get out of debt.