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Define consolidating credit card debt

Unlike credit unions and banks, most of these will facilitate you with a rate without any strict inquiry about your credit history.

The lowest rates with the best credit history are about 36%.

Essentially consolidation means the consumer receives a loan to pay off all their debt, allowing payments to be targeted for only one account at a lower interest rate.

Usually, home equity is used as collateral for that loan.

So the first step that needs to be well thought about is that if debt consolidation will actually work for you or not. For instance, with home equity loan, personal loan or a 0% APR credit card.

Which option suits you best will directly depend on your available cash, your credit, and several other aspects like your financial situation and your personality.

Everything from credit card debt to personal loans are considered when cultivating a debt relief plan.Pros: If you possess your own home then you can take out credit on the equity in your home. In this way you can make use of that money to pay back your debts.This kind of deb consolidations usually demands interest payment only during the first decade.The advantage of actually taking the time to refinance your credit card debt and loans, is not only a simplified paying process, but the opportunity to increase your credit score.A good credit score will obviously allow you to receive more loans for a multitude of things. Also, once the credit card companies have negotiated a lower interest rate, household stress decreases because there is no need for the credit card companies to call you.If you are overwhelmed with your current accounts, this would be the best approach to get your debt on track, thus allowing you to actually improve your credit score.Also, debt consolidation companies like American Debt Enders are able to negotiate a lower interest rate on your credit card debt, easing the repayment process.Credit unions are usable by those people who have dinged credit.It is because they work with the borrowers, facilitating them with lower interest rates as compared to a bank to pay off the debt.Let’s look at a few: 0% balance transfer credit card: In this type of debt consolidation there are no interest charges for a promotional period. It facilitates you to transfer all your credit card balance over it against a small fee.This method works best for people when they are willing to pay off their debt within the 0% promotional period.

272 comments

  1. Consolidation definition, an act or instance of consolidating; the state of being consolidated; unification consolidation of companies. See more.

  2. Paying off credit cards? Check out our top 5 reasons to refinance credit card debt with a low interest personal loan.

  3. Debt Settlement vs. Debt Consolidation. The average American family has 3.7 credit cards and owes $15,762 in credit card debt. Throw in bills for rent.

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