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Credit Card Consolidation

If you think that the credit industry has stacked the chips against you, you are right - but don't get depressed, there is help available. You need not go it alone.

Debt is a difficult subject to address, and confronting your debt problem takes more courage than you'd think. But the reality is, the faster you recognize your problem and the sooner you implement a strategy to reduce your debt, the quicker the weight will be lifted off your chest, and you, not the credit card companies, will be back in control of your life. The answer could be as simple as to credit card consolidation.

A debt consolidation loan may help. With one monthly payment and a fixed monthly payment schedule, you can actually see an end to those monthly payments. But, if you do not own a house, in most cases you will not qualify.

Under debt consolidation, your monthly payments are typically less than what you were previously paying. You do not need a house, and you can keep more of your hard earned dollars for yourself.

How does Credit Card Consolidation Work?

In a nutshell, debt consolidation is the opportunity for you to compile your monthly payments to different lenders into one monthly payment. Usually this payment is less than the total of the separate payments, and can provide some amount of immediate relief to the people in debt.

Another benefit of consolidating credit cards is that many times, this single payment involves a loan at a significantly lower interest rate, keeping more money in your pocket. Let's say you have $10,000 in outstanding credit card debt and the average annual percentage rate (APR) on that card or cards is 20%. If the outstanding balance remains at $10,000, in one year you would pay approximately $2000 in interest charges alone.

If you consolidated your credit card debt into a single loan with a lower interest you would save a significant amount of money. If the new loan had a 10% APR then you would save roughly $1000 in interest charges over the course of that same year. Is Credit Card Consolidation for You?

Even people who feel that their debt is under control may benefit from a debt reduction service. There are several warning signs that people should be aware of, that will help identify the need for credit card consolidation, or other debt reduction plans. If you are putting regular living expenses, such as food or rent on credit cards, you may have already met one warning sign.

An assessment of your credit situation may also be in order if you find yourself transferring one credit card balance to another simply to avoid payment, or to take advantage of lower interest rates. Another warning sign pertains to people who are only able to make the minimum monthly payments on their credit cards. Anyone who has several "maxed-out" cards may have a serious problem.

Biggest mistakes people make when it comes to credit card consolidation:
A. Not having a plan for paying the debt off after they've consolidated, and
B. Procrastination. Waiting for the "perfect" solution to come along almost always means you'll end up deeper in debt. Choose your approach, and start getting out of debt today!

A consolidation loan is not the be-all-end-all of debt reduction. You should also be searching for other helpful professional services that can assist in reaching your goal. Credit Counseling, Debt Management, and even Financial Planning and budgeting are all products that should be combined to maximize your success.

Debt consolidation is not an easy topic for some people, and can be frustrating and time-consuming. Recognition of credit problems, followed by a secure plan and professional counseling can get your credit back on track, and make life more enjoyable.

Having issues with credit card debt? Contact us here for a free debt consultation. We may be able to provide debt help.


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