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Need Help With Your Credit Consolidation?

Although credit consolidation can lead to a simpler, debt free life, the actual credit card consolidation process may initially prove to be a little confusing. Debt consolidation help can be hard to come by, as most services require the borrower to pay some sort of fee before they offer any substantial advice. The following presents the basic facts to help you begin credit consolidation.

Credit Card Consolidation

Many Americans today find themselves paying several bills at interest rates they can not afford. They wonder, will credit consolidation help me reach my financial goals? The answer is yes. If you have a large amount of credit card debt, consolidation may be for you.

Credit card consolidation is a procedure that collects all credit from several different cards into one lump sum to be paid off. This can be done with either loans or balance transfers to a low interest credit card. A loan will pay off all your credit card debt at once, leaving you responsible with the monthly payments to the bank or lending institution. Balance transfer, on the other hand, means to transfer the balances from several credit cards to a low or 0% interest credit card, which you will continue to pay off every month as before.

People who can not afford their monthly payments because of high interest find credit card consolidation to be a buffer for their wallet. Others may only need a simpler method of paying off their bills. Whichever category you fit, debt consolidation can lead to your credit relief.

What You Need to Do

In order to consolidate credit cards, you must first know the limits of your budget as well as be familiar with your particular financial situation. Do you own a home? If so, you may be eligible to apply for a home equity loan. If you have excellent credit and want a loan with less risk involved, you may choose a private or unsecured loan. Or maybe you have less than perfect credit. If this is the case, balance transfer may be an option.

 

Loans
Write down the balances and interest rates of all your credit cards in descending order. Although it is ideal to pay them all off at once, the one with the highest interest rate should be the top priority.

Assuming you receive a small loan that is capable of paying three of five credit cards, the three that have been assessed the highest interest rates should be paid off with this loan. Then, you may focus on paying off the low interest loan and the remaining low interest credit cards.

If you are fortunate enough to obtain a larger loan, such as a home equity loan or home equity line of credit, you should have no difficulty paying the balances of all your credit cards simultaneously. Then, you will only have one bill to pay towards credit card debt-that of the loan.

Balance Transfer
If you choose to transfer the balances of your credit cards to a low interest rate card, you need to find and be approved for a low interest rate card. Some offer 0% interest rates during the first six months. This is ideal if you have little to consolidate, and you know that you can pay it off within the given time period. A card with an offer like this requires careful consideration, however, if you have a considerable amount of debt to consolidate. These offers are short lived, and the credit card company will most likely assess a more than reasonable interest rate after the introductory period has passed. Low interest rates, not an appealing introductory period, are the most essential feature when consolidating credit cards.

Be aware of any balance transfer fees that may be incorporated from either card. If your new card includes a transfer fee, it will most likely be applied to each of the cards you transfer. This is in addition to any fees that the old transferred cards may charge.

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