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What is Credit Card Consolidation?
 

Find Out if Credit Card Consolidation Might Be Right For Your Personal Finance

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If you’ve been carrying a significant amount of debt on your credit card for more than a year, you likely feel the burden of your monthly payments and climbing interest rates. It may feel hard to get ahead when the minimum monthly payments are only enough to cover the high interest rates and don’t make enough of a dent in your outstanding balance.

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What if you’re ready to get on a plan to pay off those balances, and fast? A credit card consolidation loan may be the answer for you.

What is Credit Card Consolidation?


With credit card consolidation, you take out a new loan and use that loan to pay off the balances on any outstanding credit cards. Once your credit card balances are at zero, you can focus on making just one monthly payment to the consolidation loan company. The interest rates for your consolidation loan, if lower than your those of your cards, would result in less interest paid over time. This saves you money and helps you pay your debt off faster, too. You remain in control of payments to your creditors.

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A credit card consolidation loan is different from a credit card settlement. Credit card settlements force you to default on your credit accounts and offer to pay a much lower amount as a way of “settling” with the card companies. This may harm your credit in the process. On the other hand, consolidation is a safe and often easy way to pay off credit cards with a personal loan.

 

If you can avoid charging purchases to these cards again, you will have effectively brought your balance on the accounts to zero.  You also won’t be subject to the high-interest rates often associated with consumer credit cards.

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