Credit card debt consolidation is something many of us will have done at least once or considered doing. The immediate advantage is to save money on interest rates by moving balances on to a loan which will charge a fixed rate of interest with fixed repayments.
The wise move to make then is to cut up your cards and then just pay off the loan. So how many people actually do that? Having a clear credit card in your wallet is too tempting a thing to have now you are under the illusion of it being clear. Typically well hang on to it just in case of emergency.
Then a few months down the line we find it maxed out again, were back where we were making the loan repayments and card payments with their high rates of interest again.
The credit card debt consolidation cycle can repeat itself a few times before the consumer realises what they are doing,- by which time their overall debt has plunged so far into the red that its a serious problem.
In the worst cases payments will have been missed or made late so obtaining loans from established lenders will not be an option leaving debt management, bankruptcy or bad credit loans as the only options.
This...
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