- Consider applying for a debt consolidation loan. If you find yourself neck deep in credit card debt with more than one card maxed out, this is one of the best solutions to your problem. Debt consolidation loans are offered by many banks and financial institutions at much lower interest rate. This can range anywhere between 5% and 12% monthly. Transferring all your credit card balances into a single loan will also help you manage your debt easily and give you the advantage to having to deal with only one lender. If you have other forms of debts like personal loan, mortgage or educational loan, you can include these too in your debt consolidation loan.
If none of these solutions work for you, the last resort left is filing for bankruptcy.
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