Tips for consolidating credit card debt
28-Mar-2020 19:42
If it seems like the right way to go, debt consolidation can be an excellent way to relieve yourself of the pressures of credit card debt in a timely manner while also helping your credit score.Consolidating all your debts into one loan might appear to make life easier but there might be much better ways of dealing with debts.You should get free debt advice before taking out a debt consolidation loan.A better option might be a 0% or low-interest balance transfer card.For example, what if interest rates go up, or you fall ill or lose your job?If you can’t stop spending on credit cards, for example, because you’re using them to pay household bills, this is a sign of problem debt.One way to consolidate debt that isn’t for everyone is implementing a debt management plan.This route is typically for people who don’t necessarily have significant debt, but rather are struggling with high interest rates.
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Some even offer zero percent APR, so it’s important to research what’s out there before making a decision.
Debt management organizations work with creditors to negotiate new rates and eliminate penalties.
