Did You Know That The Average American Household Has 13 Payment Cards — Including Credit Cards, Debit Cards, And Store Cards? Plus, There Are 1.3 Billion Payment Cards In Circulation In The United States Right Now. And, On Average, Americans Carry About $5,800 In Credit Card Debt Month To Month. If One Were To Make Only The Minimum Payment On That Debt Each Month, It Would Take 30 Years To Pay Off — Including An Additional $15,000 In Interest. Welcome To DebtConsolidationSite.com. We'll Provide You With Articles, Tips, And Tools That Will Help You Regain Control Of Your Credit. As
you explore this site, you'll discover...
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What Your Banker Won't Tell You About Debt Consolidation
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Hot: Which Is Better -- Consolidation Or Bankruptcy?
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How To Consolidate Without Damaging Your Credit Score
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Can You Really Get Credit After Using A Debt Service?
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Understanding how a Debt Consolidation Program works
Author: Caitlin Crosain
You have finally decided that you need help with your debt and you have made a great decision to take a load off your shoulders. Debt is so stressful that it can even affect our health and certainly our enjoyment of our daily life. Understanding how a debt consolidation program works is important.
Usually a debt consolidation program covers a consumer's unsecured debt under $10,000. Unsecured debt is made up of credit cards, store cards, gas cards and small personal loans. The plan is to amalgamate these debt items into one consolidated monthly payment. You will have to close all credit card accounts, which is not really such a bad thing. It prevents you from getting back into the same debt situation again. Your new monthly payment will normally carry a lower interest rate and save you a lot of money in interest charges and penalties.
A debt consolidation program will help you establish a household budget because your monthly payment will be the same. No more bills arriving at different times in the month and juggling money to cover them. You will also be helping to rebuild your credit by having fewer items on your credit report. The worst thing people can do when they max out a credit card is to immediately apply for another one, as a means of obtaining cash. The more applications you make for credit, the more it hurts your credit rating. Debt consolidation should not be seen as a quick fix for debt problems.
Debt consolidation should be considered the first step in rebuilding your credit and putting your financial life on a much more positive track. Paying higher interest rates than necessary is not a smart financial move. With debt consolidation and a stringent monthly budget, you can improve your credit profile to a point where you can qualify for low interest credit cards and loans, should you absolutely need them. Never apply for numerous credit cards. The more credit cards you have, even if you owe very little money on each card, the more your credit is damaged. You are seen to be someone who likes to live on credit which makes you a high risk individual for loan companies and credit card companies.
About the Author
©Copyright 2005. Caitlin Crosain is a successful writer and publisher of resource websites on how to Repair Bad Credit, qualify for Secured Credit Cards and Bad Credit Auto Loans and Personal Loans.
Article Keywords:
'Debt Consolidation'
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Recently, an interesting
email came across my desk. I'll paste it below.
Check it out...
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Dear Anthony-
HELP I am in over my head
and I obviously need help. I owe just over $12,000 on two credit
cards. I know in
the past you recommend debt consolidation. But, I have read about
of the SCAM artists out there. Is
there someone I can talk to that you recommend? -Dan, New York
There are a lot of things to watch out for when it comes to debt consolidation. I
have a company I wholeheartedly recommend to others in need of help. I
find them fair, easy, and they don’t use “high-pressure” tactics.
Press the link below to check them out now.
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