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Pennsylvania Debt Consolidation Quote

Learn how to consolidate debt in Pennsylvania PA

Credit Card Consolidation

How Do I Consolidate My Credit Cards?

February 7, 2014 by penn

When you have several credit cards with balances it leads to further trouble because you have to pay off all those separate payments and interests which if not dealt efficiently can pile on to an enormous amount of debt and stress. You can adopt a debt snowball or debt avalanche approach; though they are the most commonly used techniques to get rid of the debt but it will still feel as if payments and higher interest rates are leaving you and your resources drained.

Consolidate My Credit Cards

If you are one of the millions of Americans going through a rough patch in your life due to serious financial troubles because of debt then what you need are consolidated credit solutions. In order to manage your credit card debt and take the debt off your neck you need to consolidate your credit cards.

How Does Credit Card Consolidation Work?

Credit consolidate solutions help you to take control of your debt and manage your finances more efficiently. These solutions provide you with right financial strategies and resources so that you can pay off your debt successfully and quickly and secure your future.

With credit card debt consolidation you consolidate all your bills into one payment. You take all your balances and put them in one place which means you have to deal with only one payment and its interest. This can allow you to manage your debt efficiently in no time because you are not dividing your payments. When credit card debt causes problems for your budget, you need to find a way to eliminate the debt quickly to avoid damage to your credit and bankruptcy. To consolidate your credit cards, there are three main options to consider:

Get a debt consolidation loan:

You can acquire a debt consolidation loan; you can combine all your existing debt and credit card loans into one regular payment. You can take a larger loan from a reputable and trustworthy company with which you can pay off your credit card balances. Now you to worry about only one payment and one interest which will help your finances and efficiency of your payments.

Balance transfers:

You can use a credit card balance transfer to consolidate your credit card debt (and maybe even get a 0% APR for a short period of time) or you can get personal loan or a home equity loan.

Debt consolidation companies:

It is advisable to be cautious when dealing with debt consolidation companies as they might charge you excessive fees while lending you the loan and also make sure the company you are dealing with is reputable. Some companies will advertise as debt consolidation” or “consolidation solutions” which is more like a management plan for debt payment or a debt settlement.

Consolidating your credit card is all about making situation more manageable and stress free. With the right guidance and approach you can reduce what you are paying overtime and will also help you in paying off you debt swiftly and diligently. Living a debt-free life is a distinct possibility. All you need is discipline and a solid financial plan.

Peer to Peer Consolidation Loans

One way of consolidation is by going to a peer-to-peer lender like Prosper or LendingClub. These lenders help individuals by matching up the individuals who plan to invest and earn from an investment with people needing low cost consolidation loans. The positive aspect of this type of an arrangement is that the interest rate on peer to peer loans is low as compare to the loan you get from a bank.

You can learn more about peer-to-peer consolidation loans and other types of debt consolidation, by visiting Debt Consolidation resource center.

Working Out Your Own Plan

If you’re in search of other available possibilities other than debt consolidation for your credit cards you can put together an automated plan that feels like debt consolidation if it’s not. There are tools that can help you to find solutions for your debt problem. They adopt a more individualistic approach by helping you create a personalized strategy to assist you in pay off you debt quicker. You can use these tools to pay off your debt without managing the payment on your own. The advantage of this situation is you don’t have to acquire a new loan nor worry about the credibility of the companies you are dealing with.

The important thing is that you formulate a manageable plan which will help you to get the debt off your neck in no time while lowering your payment rates at the same time. The only drawback to consolidate your credit card is that you can free up your credit cards again. If you want to live a debt free life you need to change your financial behavior to save yourself from economic troubles.

Filed Under: Credit Card, debt consolidation, debt consolidation loans Tagged With: Consolidate Credit Cards, Consolidate Your Credit Cards, Credit Card Consolidation, Credit Cards

Credit Card Loan Consolidation Can Be Useful

November 29, 2013 by penn

Credit card loan consolidation is something that you might be considering if you have Visa, American Express, Master Card, or any other credit card debt that is over 10,000. Credit card loan consolidation is where you borrow money that can help you to pay off all of your credit card debt at once. There are several pros and cons when looking into consolidation loans.

Credit Card Loan Consolidation

The Pros

There are some pros when it comes to credit card loan consolidations.

  • One great thing about consolidation is that the collection agencies will no longer be pestering you. An individual will receive no more phone calls at all hours of the day, from several different companies at a time.
  • You will only have one debt. When you have more than one credit card you end up with more than on debt you need to pay on. By getting a consolidation loan, you will combine all the smaller debts into one single debt.
  • A credit card loan consolidation will allow you to lower your monthly payments. This may seem strange because you are having a larger loan, but if you combine the entire little bill payments into one, the consolidation as a single payment is less.

The best way to understand this is through an example. If you were to have a debt of $15,000 with an annual percentage rate (APR) of 18%, for this particular debt a person will be looking at paying roughly $225 per month. However, if you were to obtain a secured loan (similar to a second mortgage) for the $15,000 that you are in debt. This secured loan should allow you to receive and APR as low as 2.79% for a 10-year period. This would allow you to have only one monthly payment around $114. This is about half of what you were paying previously. This price drop is something that is one of the biggest pros for someone looking into credit card loan consolidation.

The Cons

As with anything, there are some negative points to a credit card loan consolidation.

  • The biggest thing that can make you not interested in taking out a consolidation loan is the length of time that you are to be paying back this loan. The average secured loan can be obtained for anywhere from 10 to 30 years. Credit card debts may only take 3 to 4 years to pay off, which is significantly lower of a period.
  • When you take out a credit card loan consolidation it is very important that you ensure not to gain anymore debt while paying off all your debts. If you put yourself into new debt you can potentially end up far worse off than you were before.
  • Another downer to a credit card loan consolidation is the interest rates on the loans you try to obtain. Remember that you are in debt and that is a problem when trying to get a loan at all. It is important to remember that lenders prefer low risk individuals to offer loans to. This is one reason that a secure loan is the best option for low interest. However, without the collateral, you might be paying a higher interest rate. If you try to obtain

Another Option

It is important to remember that a person cannot completely eliminate all of their debts. It can be helpful to work with a company the specialized in helping people to receive a credit card loan consolidation. Some debt settlement programs can help you to reduce and even remove the debt that you owe. This can be beneficial for those that are not sure of the best way to go about eliminating their debt. Some of these debt programs can help a person to remove their debts within 24 to 48 months.

Is it the Best Option?

Several things can help you determine if obtaining a loan consolidation is best for you.

This is a great option if a person is able to take out a secured loan. This means that you have something that is useable as collateral.

In order for an individual to gain the most benefit, they should have many high interest credit cards.

Nothing is all good or all bad. When comparing all the pros and cons of credit card loan consolidation you will see that overall it is a good solution. You want to evaluate your situation and make sure that it is the best option for you. Be sure that when committing to this loan you understand that is long term. It is also something that needs to be financially acceptable. Do not take on higher payments that you are able to afford. Over commitment can cause even more problems than not gaining help at all, be sure to only commit to what is actually doable.

Filed Under: Credit Card, debt consolidation Tagged With: Credit Card Consolidation, credit card debt relief, Credit Card Loan Consolidation, Credit Cards

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