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Legitimate Credit Card Debt Consolidation

Consolidating credit card debt can be an effective way to reduce your financial burden and give you time to get back on your feet. As a strategy for debt reduction, credit card consolidation allows you to make the debts you have with various creditors easier to manage. When you consolidate credit card debt, you are essentially bundling up all of your credit debt into a single payment. There are two types of credit card debt consolidation using debt relief companies, debt management and debt settlement. You pay less each month either through lower interest rates (as is the case with a debt management program) or through a reduction in the total amount you owe (as is the case with a debt settlement program).

In essence, when you consolidate your credit cards you give yourself some financial breathing room. However, you’ll still need a good plan, good guidance, and good financial discipline. Joining any type of debt consolidation program does not mean the end of your worries, but it is the first step towards being able to pay off your debts and work your way back towards stability. If you decide that credit card debt consolidation using a debt management company or a debt settlement company might be a viable option for you, the first thing to do is to get informed, learn as much as you can, and then seek out some professional advice from a reputable company. On this site, you will find free credit card debt consolidation information and you can request a report to find a credit card debt consolidation service. Take a look at the articles below or fill out the form to your right to receive a free report on trustworthy debt relief companies that can help you out.

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Other Credit Debt Consolidation Articles

Should I Consolidate Credit Card Debt Using A Home Equity Loan?

: January 30, 2007 12:10 pm : Credit Debt Consolidation

Every situation is different but using equity that you’ve accumulated in your home as it has appreciated in value over your mortgage balance is probably the simplest and most attractive way to consolidate credit card debt.

You may refinance your home loan to consolidate credit card debt which will cause your mortage balance to go up but you will be able to pay off those debts with the high interest rates and fees in exchange for a home loan which always has lower interest rates than credit cards. Look up home refinance rates in your area and get quotes from several different lenders. With interest rates as low as they are these days, it sure will be nice to pay off your 18% credit card rates and replace them with a 6% mortgage rate before rates go higher which I believe is likely at this decade ends.

However, be sure to look at more than just the interest rates since refinancing also can mean closing costs and other fees you may have to pay which can add up to thousands of dollars out of pocket.

If you decide to preserve your home equity or you don’t have a home so you are unable to get a loan, you can consolidate credit card debt with lower rates using a highly regarded debt management company.

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Where to Get Bad Credit Debt Help?

: January 14, 2007 4:04 pm : Credit Debt Consolidation

Many people with too much debt end up damaging their credit so you are not alone. The good news is that there is help for you. Debt management and debt settlement programs are both potential solutions for you if you need bad credit debt help.

In each case, the fact that you already have bad credit is not a big drawback. In fact, it may make the decision to use professional debt relief easier since that is one major drawback to some debt relief solutions. People that have good credit but find themselves in trouble often do not want to risk poor credit unless they have no other choice.

What’s important in seeking debt help even with bad credit is that you have some income available to pay off your debt over time through a fixed monthly payment the debt relief company will set up for you.

Debt settlement can reduce the amount you owe by as much as 50-65%. With debt settlement, your credit score will get worse but you certainly do not need to start out with good credit to enroll and the damage it does is less severe than filing for bankruptcy. If your credit is very bad already you need to ask yourself, does it really matter if it gets worse in return for getting out of debt in 3 years or less.

Debt management plans will actually not affect your credit as much as debt settlement. However, your debt payments will not be reduced nearly as much as with debt settlement.

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