Debt Consolidation

Get Out Of Your Debt Trap – Get Credit Card Debt Consolidation Help

One of the signs that tell you that you need to start looking for credit card debt consolidation help is when you face difficulty in making the minimum monthly payments of your credit cards. Do you regularly face harassment from the credit card companies through constant reminders and phone calls? If you do, it is time to give your credit card debt a serious thought.

The most common reason for falling into the debt trap for most Americans is the multiple credit cards they possess. As per a survey, the average family in America possesses 10 credit cards and has a debt of $9000. The propensity to spend is much higher when you purchase with a credit card as opposed to cash. Moreover it is difficult to manage so many cards at a time. It has been seen that once an individual falls into a debt trap, it takes years of perseverance and fiscal discipline to get out of it. So what should you do if you have no clue of how to get out of debt? The answer is simple – get credit card debt consolidation help.

What Is Credit Card Debt Consolidation?

Credit card debt consolidation simply means paying off all your high interest credit card balances using a lower interest alternative. There are two alternatives available: balance transfer and debt consolidation loan.

(a)Balance Transfer

In this option, the balance of the higher interest credit cards are transferred to the lower interest credit cards. Usually the credit card companies provide a zero or minimal interest rate period for such transfers. The interest thus saved can be utilized in paying off the amount due for the other high interest credit cards.

(b) Debt Consolidation Loan

Debt consolidation loans can be taken to pay off the credit card bills. The amounts due on all the credit cards are combined and a secured loan is taken for the amount. Since the loan is long term and secured, the interest rate is much lower than those of the credit cards. Debt consolidation loans can be obtained from

• Debt consolidation companies
• Non profit financial institutions, and
• Christian debt consolidation services
On an average these institutions help to get out of the debt trap in approximately 4-5 years.

Measures To Maintain Fiscal Discipline

Certain other measures can help you reduce your credit card debt. Once you are out of the debt trap, continuing these practices can prevent you from falling into the trap again. These measures are:

• Use debit cards
• Purchase with checks
• Use the credit card only in exigencies
• After paying off high interest credit cards, cancel them
• Once the debt is in control, use automated payments to pay the credit card bills when they are due

When you feel that your credit card debts are getting unmanageable, it is advisable to get credit card debt consolidation help at the earliest. This will help you to control your finances. Consequently you will regain mental peace as your creditors will no longer hound you.

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Posted in Budgeting, Credit Card Debt Consolidation, Debt Consolidation, Debt Settlement | 2 Comments »

2 Responses to “Get Out Of Your Debt Trap – Get Credit Card Debt Consolidation Help”

  1. Betty says:

    Very valuable information indeed. Credit card has become havoc in today’s scenario because it provokes an individual to spend more because physically only you are swiping the card but when you are involved actually giving the cash it will be a big question mark is whether the thing is worth it. Most of the things we purchase using credit card only for fun sake thinking that we have to pay after the month and by this time span we can arrange the money.And these credit card is become so fance that people are not satisfied with one credit card they posssess multiples. So if we are in a trap of credit card debt its a big request to consolidate all the loans and move to a lower rate on interest so that we are free from this trap within a short span of time. Again be very vigilant while choosing the credit card debt consolidation company. Some do’s and dont’s for choosing the credit card. Better pay off the bill using debit card or by cash. While purchasing any time give a second thought is it really required if the answer is yes pls do it if the answer is no please drop the idea.

  2. michael says:

    This article is informative for today’s life. Our life is totally surrounded by plastic money. We live in a house bought by plastic money, we have the food bought by the same and we use a car got by swiping the credit card. It seems very easy to swipe the card and do the payment, but become extremely difficult to repay the big amount with high interest. The problem starts when we miss one or two payments and the amount goes sky-high with accumulative interest and penalty charges. At that time it appears, we are trapped in the debt of multiple credit card loans and will not be able to come out from this. One can think about Debt Consolidation help. We can choose suitable option like first giving the loan of high interest or get another secured loan. One can take help from a reputed, genuine consolidation company also. Once we get out from the trap of loans, we have to follow the financial discipline very strictly. Avoid Plastic money for some time, you can go with the debit card, cash etc. These tips will help you to repair your financial status and get back to debt free life.

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