Options for consolidating credit card debt

09 Apr

But before you apply, you'll want to study the offer carefully. Is it a bank or local credit union or one of your credit card issuers?Or is the loan being offered by a debt management firm or debt relief company that you're unfamiliar with? This debt consolidation calculator will help you crunch the numbers.Then you’ll only have one monthly payment: the loan, the credit card or the debt management plan.Not only does that simplify your debt payments, it can also help you save money.Whether the crisis is caused by personal or family illness, the loss of a job, or overspending, it can seem overwhelming. Your financial situation doesn’t have to go from bad to worse.If you or someone you know is in financial hot water, consider these options: self-help using realistic budgeting and other techniques; debt relief services, like credit counseling or debt settlement from a reputable organization; debt consolidation; or bankruptcy. It depends on your level of debt, your level of discipline, and your prospects for the future.

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An error on any of your credit reports could prevent you from qualifying for the debt consolidation help you need, so .Having trouble making headway with your credit card debt because of high interest rates and hefty monthly finance charges?Consider transferring your card balances to a new card with a rock-bottom rate for balance transfers.Most balance transfers will incur a transfer fee of 2 percent to 5 percent on each balance, which in your case would cost 0 to 0.Also, most 0-percent interest offers are good for only 12 to 18 months.