There are many different ways to consolidate your total outstanding debts. Here are just a few examples:
A credit card balance transfer can allow you to carry over all of your existing credit card debt to a new card that has an introductory period featuring a low or zero percent APR. This method is typically only available to those with higher credit scores. Paying off your balance during the introductory period can help you maximize the amount you save on interest and help you reduce your debt faster.
If a credit card balance transfer isn’t an option, you can reach out to your personal network for an informal loan. Depending on the situation, you may want to outline specific repayment terms or write a promissory note.
Third-party debt consolidation agencies can also help you reduce your debt by negotiating with creditors on your behalf. They will usually attempt to settle for a lower APR or monthly payment. However, this option is not available to all borrowers.