If youve got a number of credit cards and insurmountable credit card debt, then perhaps its time to consider a debt consolidation loan. A consolidation loan is a loan that you can use to pay off all your debts, meaning that you can pay them off for less money without having to worry about lots of different bills.
For instance, if you had borrowed $3000 five years ago, you may now owe $5000 (principle plus interest). A debt consolidation program may involve eliminating some amount of interest so that you pay less than $5000.
Also, your previous outstanding balances may be on five different credit cards. You need to pay 5 bills every month. Once you participate in a debt consolidation program, all your accounts will be consolidated into one account. You now pay only one bill each month.
In a credit card debt consolidation, your average interest rate may be reduced. All your loans can also be transferred to one single card that has a lower interest rate than the ones you are currently paying.
Here are top three factors to consider for Credit card debt consolidation:
1. Interest Rate
Get the best interest rate you can if you opt for...
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