How to Do Debt Consolidation Without a Lawyer

By means of a debt consolidation, you can combine your debts into one, and reduce your number of creditors and monthly payments. Different options are available to merge your debts. And while some debtors seek advice or assistance from lawyers and other financial experts, it is possible to consolidate debts on your own. Before deciding on a debt consolidation option, it's wise to explore different alternatives and select the method that best suits your situation.

Instructions

1

Talk to your credit card issuer about a balance transfer. As a loyal customer, your credit card company may approve you for a low-interest credit card, which allows you to transfer your balances from multiple cards to the new one. If not, compare credit card offers on sites such as Creditcards.com

2

Consolidate with a secured debt consolidation loan. Use your car title (if applicable), or another valuable piece of personal property and talk to your bank or another financial institution about a debt consolidation loan. A good credit score and steady income are required.

3

Use your home's equity to eliminate outstanding balances. Home equity loans give property owners the opportunity to consolidate their debts. Once approved for a home equity loan, the lender gives you a check for a particular amount, and you use this money to pay off balances.

4

Check into debt consolidation programs. These organizations do not issue loans. Instead, they freeze your current accounts, structure a new repayment plan and negotiate a lower interest rate to help you reduce your debts faster. Non-profit debt consolidation programs do not charge monthly fees.