We are the Consumer Financial Protection Bureau (CFPB), a U. government agency that makes sure banks, lenders, and other financial companies treat you fairly. Consolidation means that your various debts, whether they are credit card bills or loan payments, are rolled into one monthly payment.
When you start pursuing debt management options, you may get many mixed messages from those in the debt relief industry.
Because there is no general industry consensus as to what the best options are, we have narrowed down your options.
If you’re not sure of the best way to address your debt, a credit counselor can help you explore your options.
You can also reach out to your individual creditors to see if they will agree to lower your payments.
You could possibly save on interest payments too, since credit cards tend to come with higher interest rates than personal loans do.