Credit card consolidation helps you escape from debt shackles through an easy monthly payment plan. Find out the 3 ways to consolidate credit card debts.
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What are main features of credit card
debt consolidation?
An easy and single
monthly payment plan
Low interest rates
Less collection calls
No late fees and
penalties
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How can your credit card bills be
consolidated?
Credit card balance
transfer method
Credit card
consolidation
program
Credit card
consolidation loan
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DIY credit card consolidation- Is it
possible?
DIY credit card consolidation is
possible through balance
transfer method wherein you
transfer your balances to a low
interest card.
You pay the balance on the
new card within the promotional
period and become debt free
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How does a debt consolidation loan
help you get debt relief?
In a consolidation loan, you
take out a huge loan at low
interest rate to pay off your
existing credit card bills.
Consolidation loan is of 2
types:
Secured
Unsecured
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Where can you get consolidation
loans?
You can get a credit card debt
consolidation loan from:
Friends and family
Banks and credit unions
Peer-to-peer lending
institutions
Retirement savings
accounts
Life insurance
Home equity
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How can you choose a credit card
consolidation company?
You can choose a reliable credit
card consolidation company in the
following ways:
Asking for referrals and looking
for client testimonials
Finding out the affiliations and
accreditations of the company
Checking the fees charged for
giving you debt relief
Checking the online complaints
filed against the company
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What are the 5 mistakes you need
to avoid?
Working with a scam
company
Not following the
payment-regime
Spending more than
your means
Not creating a
financial cushion
Incurring fresh debts
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What are the benefits of credit card
debt consolidation?
Lower interest rates
Easy monthly
payments
Less stress due to fewer
collection calls
More savings
Less chance of getting
sued
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What are the drawbacks of credit card
debt consolidation?
In case of consolidation
loan, you may lose the
security in the event of loan
default
Creditors may not be
interested to participate in
the program
You may end up paying
more on a consolidation
loan if the payment term is
too long