 TITLE: Should I Get a Balance Transfer Card or Debt Consolidation Loan? CONTENT: Alternatives to Balance Transfers and Debt Consolidation Loans\n--------------------------------------------------------------\nIn some cases, neither a balance transfer card nor a debt consolidation loan makes sense. For example, if you have poor credit, you might not qualify for good credit card or loan offers. Or, if you're in debt from overspending on credit cards, you may need to address your spending before focusing on paying off balances.\nHere are a few alternative options you may want to consider:\n*   **Debt management plans**: Credit counselors offer debt management plans (DMPs) to clients who are having trouble with unsecured accounts, such as credit cards, regardless of their credit scores. If you sign up for a DMP, the counselor can try to get fees waived and lower your interest rates or monthly payments. You'll then make one monthly payment to the counselor, who distributes the money to your credit card issuers. DMPs generally lead to paying off the included debts within three to five years, but you'll likely need to close your credit cards while you're on a DMP.\n*   **Budgeting**: Addressing overspending can help you reign in your bills and free up money to pay down debts. Creating a budget is often the first step. Then, you'll need to stick to the budget while looking for additional ways to make more money and spend less.\n*   **Contacting your creditors**: If you're having trouble affording your payments and are looking for a short-term solution because of a temporary setback, contact your creditors directly. They may have hardship programs available that allow you to temporarily lower or skip payments, especially if you contact them before missing payments.\n*   **Bankruptcy**: If you're overwhelmed by monthly bills, lowering your interest rate or monthly payment might not be enough of a solution. In some extreme cases, wiping out debt through bankruptcy is something to consider. Keep in mind, though, that bankruptcy has severe consequences on your credit and should be viewed only as a last-resort option. END