Debt consolidation isn’t the only way to manage financial obligations. Here are some alternatives worth considering.

1. Debt Snowball Method

Pay off debts from smallest to largest balance, regardless of interest rate. This method builds momentum and provides psychological motivation.

2. Debt Avalanche Method

Focus on paying off the highest-interest debt first. This approach minimizes overall interest costs and is mathematically efficient.

3. Credit Counseling

Work with a nonprofit credit counselor to create a budget and negotiate lower interest rates or fees with creditors.

4. Debt Settlement

Negotiate with creditors to reduce the total amount owed. While it can provide relief, it’s risky and can harm your credit score.

5. Bankruptcy

Considered a last resort, bankruptcy provides legal protection from creditors but comes with severe credit implications.

6. DIY Repayment Plans

Create your own plan to pay down debts systematically, avoiding fees and relying on your own discipline.

Each alternative has its pros and cons. Assess your situation and choose the approach that best fits your financial needs.