Each has its own pros and cons

Consolidating credit card debt into personal loan

And while a consolidation loan for credit cards can be a good option when you have a lot of bills to pay off, there are plenty of alternatives to consider. For some consumers, a credit card consolidation loan lands them deeper in debt. However, if you're in over your head, a bill consolidation program is one option that can help you get out of debt and plan for your financial future. Take one of our quizzes and find out how much you know about financial fitness.

This is a good option if you have more debt than you can pay down. On the other hand, an interest rate negotiation is an agreement with your creditors to lower the interest rate on your credit cards. In many cases, the best way to get rid of these debt problems is to work with professional debt-relief provider. Each has its own pros and cons. Without seeking financial education to improve your money management skills, you may see an interest rate negotiation or balance transfer as an opportunity to spend more money on your credit cards.

Review your current financial picture and goals with a financial advisor or specialist certified credit counselor to determine the best plan for your needs. Paying Down Debt on Your Own As analternative to a credit card consolidation loan, you can work with your creditors and your budget to develop a plan to wipe out debt on your own. Be sure to ask questions of the lender to understand the plan and how it will work for you. Let's Get You Out of Debt. Before you do, let's take a look at the pros and cons of each option.

Get Debt Help BecauseBoth put the control

Many consumers find it tough to control their finances on their own. It can take a lot of effort on your part not to fall into this trap. You might pay down your debts through a balance transfer or interest rate negotiation.

Both put the control in your hands, which can be good or bad, depending on how disciplined you are. Get Debt Help Because of the economy, millions of people across the country are looking for debt help.