Help consolidating my debt

If the total of your debts is more than half your income, and the calculator above reveals that debt consolidation is not your best option, you’re better off seeking debt relief than treading water.A Direct Consolidation Loan allows you to consolidate (combine) multiple federal education loans into one loan. Similarly, if you have Federal Perkins Loans and you are employed in an occupation that would qualify you for Perkins Loan cancellation benefits, you should not include your Perkins Loans when you consolidate.Conversely, making minimum payments on credit cards could mean months or years before they’re paid off, all while accruing more interest than the initial principal.Readers also ask Consolidate your debt if you can get a loan at better terms and/or it will help you make payments on time.There is no application fee to consolidate your federal education loans into a Direct Consolidation Loan. Department of Education (ED) or ED’s consolidation loan servicers. Once your loans are combined into a Direct Consolidation Loan, they cannot be removed.

Try a do-it-yourself debt payoff method instead, such as the debt snowball or debt avalanche.

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.

If you’re dealing with a manageable amount of debt and just want to reorganize multiple bills with different interest rates, payments and due dates, debt consolidation is a sound approach you can tackle on your own.

» MORE: Follow these 3 steps to pay off debt Two additional ways to consolidate debt are taking out a home equity loan or 401(k) loan.

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