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alternative to a credit card consolidation loan, you can work with your creditors and your budget to develop a plan to wipe out debt on your own.You might pay down your debts through a balance transfer or interest rate negotiation.You’ll need a good to excellent credit score — above 690 — to qualify for most cards.Make a budget to pay off your debt by the end of the introductory period, because any remaining balance after that time will be subject to a regular credit card interest rate.To do this, many or all of the products featured here are from our partners. Ideally, that new debt has a lower interest rate than your existing debt, making payments more manageable or the payoff period shorter.The option that best suits you depends on your overall debt load, credit score and history, available cash and other aspects of your financial situation, as well as your self-discipline.If you’re one of the millions of Americans with overwhelming credit card debt, you may have looked into a credit card consolidation loan to tackle your debt.
Before you choose a card, calculate whether the interest you save over time will wipe out the cost of the fee.
, Care One will negotiate with your creditors to pay back a portion of your existing debt.
This is a good option if you have more debt than you can pay down.
Nerd Wallet recommends visiting your local credit union first.
Most credit unions offer their members flexible loan terms and lower interest rates than online lenders, especially if you have a low credit score.
» MORE: Nerd Wallet’s best balance transfer credit cards Pros: Back to top You can use an unsecured personal loan from your local bank or credit union or an online lender to consolidate credit card or other types of debt.