The best approach to debt management will depend on your financial situation, credit profile, debt levels, and payoff priorities. If you’re experiencing financial hardship, for example, reach out to your credit card providers, lenders, insurers, and loan servicers for assistance, as many are offering payment deferral, fee waivers, or debt relief due to the COVID-19 pandemic.
Credit card consolidation loans, debt consolidation loans, balance transfer loans, and auto-refinance loans are just some of the lending options that may be available to you. In addition, several strategies exist for paying off debt. The debt avalanche method will pay off debt the fastest, but look into the debt snowball and debt snowflake methods as well. And read some tips from LendingClub members about the many creative ways they’ve found to pay off debt quickly.