Debt Consolidation Credit Cards - Using Credit Cards to Pay Off Loans
Debt Consolidation Credit Cards - Using Credit Cards to Pay Off Loans
Credit card debts are now commonplace and many individuals are looking for credit card debt assistance. The first step towards a debt free life is to start paying your bills on time and stop using your card. Consolidating your credit card debt has a lot of advantages.
1. Know how much you owe: An exact amount of how much you owe will help you come up with a plan to pay off your debt. The total amount that is due on your account multiplied by the interest rate gives you the amount that you will need to pay to your creditors. This is the amount you will need to pay off your creditors for borrowing that money. The longer you take to pay it off the higher will be the loan amount because of the interest rates being added to it.
2. Consolidate card debts on to one card: If you have many cards with a balance on all of them then you can transfer you loan on to one card which has the lowest rate of interest. This will give you the advantage of a lower rate of interest as well as catering to only one loan. This can buy you more time to pay off your loan also you will have more cash in hand to pay it off. Always make your payments on time so that no extra charges get added on to your account through late fees. In case you care facing a cash shortage it will be better to redirect funds from bills where the late charges are not so high.
3. Take help of debt relief companies: You can contact debt settlement companies who can negotiate a lower debt amount with the credit card companies.
Debt settlement is a legitimate alternative to filing bankruptcy. If consumers are experiencing a financial hardship and have at least $10k in unsecured debt then debt settlement can be a legitimate way to eliminate up to 70% of that balance.