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The agency you choose to enroll with will likely charge a monthly fee and may also charge a one-time enrollment fee.These fees, however, are very reasonable and usually are more than offset by the interest savings you will realize on a DMP.Peer-to-peer consolidation loans are becoming popular, as well.Both of these options will probably give you the option of leaving your cards open and available for use.Because your debt is relatively small, your program time should be for a shorter period.Another added benefit to working with a credit counseling agency is the education you will receive at no charge.
Remember if you choose to use the cards, you will effectively negate the value of having only one monthly bill to pay on your debts.
Certified nonprofit agencies are required to assist you in formulating a budget and an action plan so you better understand your finances.
Be sure to seek out a qualified, nonprofit agency, which you can find through the Financial Counseling Association of America or the National Foundation for Credit Counseling. See related: Balance transfer survey: Offers more generous, Avoid these 6 debt consolidation traps, 8 steps to picking a credit counselor Does a personal finance problem have you worried?
You will also run the risk of increasing your debt.
The third option for consolidation is to enroll in a debt management plan through a nonprofit credit counseling agency.
If so, you need to know that 0-percent interest doesn't come free.