Ideally, that new debt has a lower interest rate than your existing debt, making payments more manageable or the payoff period shorter.Options to consolidate your credit card and other debts include a balance transfer credit card, an unsecured personal loan, a home equity loan or line of credit and a 401(k) loan.Debt consolidation programs are offered by debt consolidation companies and by nonprofit credit counseling agencies.Debt Consolidation without a loan is an innovative solution by In Charge Debt Solutions.You’ll pay fixed, monthly installments to the lender for a set time period, typically two to five years.
Debt consolidation offers debt relief by consolidating your monthly debt payments into one affordable payment.
The following five tips can help you figure out which credit card consolidation strategy suits you best.
One of the first things you’ll want to do is check your credit reports for accuracy.
The amount of credit card debt you can transfer is limited, typically no more than ,000.
Once the introductory period expires, the rate you’ll see on a balance transfer card is usually higher than on a personal loan.
With so many ways to consolidate, there’s bound to be a solution for your unique situation. Debt consolidation is the process of combining your debts into one loan with a lower interest rate.