subject: Find The Best Debt Consolidation Program To Stop Paying High Interest Rates [print this page] Unsecured debt, especially credit card, is the root of most people's financial woes. High credit card debt affects finances by lowering your credit score and increasing your monthly expenses. If you are in credit card debt, it's time to consider finding the best debt consolidation program to help you get of you financial bind. Until you pay down your credit card bills, you will pay high interest rates and won't be able to save money for important things such as retirement.
If you managed to max out all your credit cards and go over the limit, it's quite possible you could be paying close to 30% of your average daily balance each month. This means if you can manage to pay the minimum balance, you are making very little progress in paying down your debt. If a large percentage your pay is going towards debt payments, there little money left for savings or family outings with the kids. If your credit card balance impacted your credit score, you can expect to pay close to 20% interest on a car loan.
The best debt consolidation program will not offer you a loan. Frankly, a loan is the last thing you need. It will offer a workable plan that will allow you to pay off your high interest debt in a short time and allow you to have money for things other than credit card payments. There are many non profit programs that won't charge hefty fees for joining the program. At this point, it may be more expensive not to join a program considering the interest and fees you are paying on your card.
The best debt consolidation program will work with your creditors to lower interest rates and waive late and over the limit fees. By having a low rate and no fees, you monthly payment will have a larger impact on your balance.
