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This helps eliminate mistakes that result in penalties like incorrect amount or late payments.

There are three major types of debt consolidation: Debt Management Plans, Debt Consolidation Loans and Debt Settlement.

If you need help getting out of debt, you are not alone.

Although signs show an upturn in the economy, many Americans are deep in debt, and not everyone can work overtime or a second job to pay down that debt.

Personal loans and credit card balance transfers are two ways that consumers can consolidate credit card debt. An unsecured loan is not supported by an asset such as a house or car.

Banks issue personal loans for many purposes – including paying off debts. Instead, the lender considers the borrower's credit history and ability to repay the loan when evaluating the application.

This sometimes results in savings that may help a responsible borrower pay back credit card debt faster.

The best way to consolidate credit card debt under ,000 could be to get a zero-percent interest credit card and transfer balances from high-interest credit cards over to it.

You also could look at a personal loan to pay off your balances.

These are not quick fixes, but rather long-term financial strategies to help you get out of debt.

When done correctly, debt consolidation can: There are several ways to consolidate debt, depending on how much you owe.