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The organization then uses the money you provide to pay your creditors.

Your credit counselor may also work with your creditors to negotiate lower interest rates or waive certain fees.

That means there will be a hard end date to your debt (so long as you make all your monthly payments as agreed, of course).

Pros: A credit counseling organization may work with your creditors to set up a debt-management plan on your behalf, which requires you to make a single monthly payment to the credit counseling organization each month.

So instead of making multiple credit card payments each month, you make one payment for the personal loan.

Pros: If you have good credit, you may qualify for a lower interest rate on a personal loan than the rates your credit card issuers are charging.

Still, if you pay as agreed on a personal loan, all the debt you consolidated will be paid in full at the end of the loan term. You don’t need to own a home or property to qualify for a personal line of credit and you may be able to get a credit decision and access to the cash you need to pay off other debts in just a couple of days.

A personal line of credit works like a credit card.

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