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Your credit counselor may also work with your creditors to negotiate lower interest rates or waive certain fees.

Cons: Some credit counselors may charge a fee for some of their services, and you may have to agree not to apply for new credit or use your existing credit if you participate in a debt-management plan.

Also, if you’re unable to repay the loan on time, you might be putting their finances at risk.

The following are other credit card consolidation methods that are available, but we don’t recommend them because they’re riskier than the options we’ve discussed above.

A personal loan can be used to consolidate debt, and the funds from a debt-consolidation loan can be used to pay off your credit card balances.

A balance transfer lets you move balances from one or more credit card accounts to a different card.Pros: When you borrow money from somebody you know, you don’t have to meet minimum eligibility requirements to qualify for the loan, and you may be able to get a lower interest rate than you would from a bank or credit union.Cons: Borrowing money from someone you know is tricky because it can put a strain on your relationship.Balance transfer credit cards often offer an introductory 0% APR on balances you transfer within a certain amount of time.Pros: If you pay off the balances you transfer before the introductory period expires, you could avoid paying interest charges on the transferred balance altogether. If you don’t pay off the amount you transfer (in full and on time) before the intro period ends, the remaining balance will accrue interest at the card’s regular rate.

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