You always make your payments on time, so your credit is good.You might qualify for an unsecured debt consolidation loan at 7% — a significantly lower interest rate.Bankruptcy is typically a faster, cheaper option than a debt settlement plan.Debt management plans, offered through consumer credit counseling services for a monthly fee, usually bring reduced interest rates on credit card balances.Use the calculator below to gain a fuller picture of your current debt: how long it’ll take to pay it off, how much interest you’ll pay, and which bills to prioritize to get out of debt more quickly.Here’s a scenario when consolidation makes sense: Say you have four credit cards with interest rates ranging from 18.99% to 24.99%.

More Debt consolidation can help your credit if it helps you make on-time payments or shrinks balances on revolving accounts, especially if credit card balances were near their limits.This website is using a security service to protect itself from online attacks.The service requires full cookie support in order to view the website.» MORE: 4 ways to consolidate debt Success with a consolidation strategy requires the following: To begin to assess your chances with consolidation, first add up all your unsecured consumer debts: credit card balances, medical debt and personal loans.Don’t count a mortgage, student loans or auto loans. If it’s less than half your income and you think you can pay it off within five years, you’re a candidate for debt consolidation.