Debt can create big problems. It can affect your mood, hurt your relationships, or limit your opportunities. Debt is often hard to handle, but there are solutions. Finding one that works for you can change your life.
One common way to deal with debt is consolidation. There are two main ways to consolidate debt. One is to get help from a debt relief advisor, and the other is to do it yourself. But how do you know which one is right for you?
Looking at how to consolidate debt on your own can help you decide. You can then choose whether you want to go it alone or get help from a professional.
How to Consolidate Debt on Your Own
If you’re already struggling with debt, you probably don’t want to pay for things you can get for free. Why should you pay a debt relief advisor’s fee when you could use that money to pay off debt directly?
But debt relief advisors have skills and experience. They can help you make better financial decisions and save money in the long run. They can help you decide if consolidation is right for you. They can also talk to your creditors to try to persuade them to lower your balances.
But if you can’t afford professional help, consolidation can still be a good choice. To get the best results, you need to know how to consolidate debt on your own.
Debt Consolidation Loans
You don’t need a debt professional to apply for a consolidation loan. Just follow the application process and prepare all the documents yourself. You’ll probably need to show proof of income or other documents that prove you can pay back the loan.
If they approve your loan, you can use it to pay off your debts. Then you’ll only owe one lender. You still owe the same amount, but now you’ve moved it and made it easier to handle.
Balance Transfers
Another way to consolidate debt without a debt professional is with a balance transfer. You apply for a new credit card that offers zero interest for balance transfers. Credit card companies sometimes offer this deal to get you to switch from your old cards. Note that balance transfer cards often charge fees. You might expect around a 3% fee based on the amount you transferred.
After you move your balance, you usually pay no interest for 6 to 18 months, depending on the promotion. All payments during this time go to your principal balance. This helps you pay down your debts faster.
Like debt consolidation loans, getting approved for a new card with 0% interest depends on your credit score. If you have average or poor credit, it may be hard to get approved.
When It’s Time to Bring in a Professional
Even if you know how to consolidate debt on your own, getting help from a professional can still be very useful. Some people feel bad about needing help. But asking for help doesn’t make you weak. It’s often the best way to pay off debt for good.
Here are some signs that you should hire a debt professional:
- You find it difficult to handle the pressure. Talking to creditors is hard. It can be frustrating when they don’t want to work with you. Many people get discouraged and quit.
- You are easily intimidated. Some people are not confident enough to face their creditors. This makes them easy to scare. Creditors can be very aggressive.
- You don’t know what to do. If you don’t know how to consolidate debt on your own or talk to creditors, you should hire a professional. This will keep you from making mistakes.
- You have no time to work on your debts. Some people are confident and know how to talk to creditors, but they don’t have the time. That’s when you need a debt professional. You can work on earning more money while an advisor handles your debts.
National Debt Relief Is in Your Corner
Knowing how to consolidate debt on your own is one thing. Knowing if consolidation is the best choice and doing it right are harder. That’s why partnering with a debt relief advisor can be a wise decision. They understand that there’s more to restoring financial health than getting a consolidation loan and can help you make smarter choices. But getting the most out of professional services depends on choosing the right partner.
Before you hire a debt relief company, make sure they use certified coaches who care about you. Certifications from the American Association for Debt Resolution (AADR) are a good place to start.
National Debt Relief is a highly accredited leader that helps people like you pay off their debt once and for all. Since 2009, we’ve helped over 550,000 Americans find relief from their debt and get their lives and happiness back.
Debt Relief Starts Here
See why thousands trust National Debt Relief to help them break free from debt. Apply online today to find out if you qualify!
