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Credit Card Consolidation
Here is the process for consolidating these debts:
Consolidation is a process where you may get a loan that combines various card balances together. This leaves you with just one payment to worry about instead of six or more, or whatever the number of cards is that you have. The payment is often much more manageable than paying bills individually. The difficulty with this method is that if you are behind on any of your bills, it may not be possible to qualify for a loan to consolidate.
Consolidation loans are usually far lower interest than credit cards, and they are also often offered for a smaller monthly payment than the payment that you would be making on several credit cards combined. As long as you make your payments on time, credit card consolidation loans are a good idea for taking the stress out of your finances.
If you are self-employed you might experience a dip in your income whether it is a seasonal decline or one brought on by economic factors. While you work to increase your income you may rely more on your credit. If you have recently lost your job or you experienced a major car repair or dental emergency, you may also have relied upon your credit cards more than usual. Perhaps you were counting on it being temporary but things are taking longer to rectify than you anticipated.
Which one do I recommend? I guess you have to keep reading.
There are other ways to get help, though. You can work with a credit counseling agency. They can create a debt reduction plan with you and will often negotiate lower interest rates with your creditors. You pay them each month and they pay your creditors. Look for help from a company that is accredited by the National Foundation for Credit Counseling.
There may also be the possibility to get a credit card with a large limit and pull all of your other credit cards over into that account. This is often used because it is easier to get this type of loan rather than choosing to go to a financial institution in your local area. It is important for you to look at the fine print before you sign on the dotted line. In some cases, you might be able to transfer the money to the new card and have an entire year to pay it off without having to pay interest. If you are dedicated to the cause, you might be able to pull it off.
If you've had several credit cards and ended up missing payments from time to time because your payments were all due on different dates, then having everything merged into one handy loan could make it easier for you because it's one less thing to think about.
Could Credit Card Debt Consolidation Save You Money