The most-recommended DMPs are run by non-profit organizations.

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If you have a very good credit score (700 or above), the best way to consolidate credit card debt is to apply for a 0% interest balance transfer credit card.

The 0% interest is an introductory rate that usually lasts for 6–18 months.

This helps eliminate mistakes that result in penalties like incorrect amount or late payments.

There are three major types of debt consolidation: Debt Management Plans, Debt Consolidation Loans and Debt Settlement.

That's where debt consolidation and other financial options come in.

Consolidate Your Debt Now Debt consolidation is combining several unsecured debts — credit cards, medical bills, personal loans, payday loans, etc. Instead of having to write checks to 5–10 creditors every month, you consolidate bills into one payment, and write one check.— and what the monthly payment and interest rates are on those bills. Once you have this information, make sure to compare lender’s rates, fees and length of time making payments before making a decision.A consolidation loan should reduce your interest rate, lower your monthly payment, and give you a practical way to eliminate debt.All payments made during that time will go toward reducing your balance.When the introductory rate ends, interest rates jump to 13–27% on the remaining balance.The non-profit agency can help you get a lower interest rate from creditors and reduce or waive late fees to help make your monthly payment affordable.