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Consolidate your credit card debt
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     If you have managed to gather a debt of $5,000 or more in credit card debt, you seriously must think of consolidation options. Actually there are many debt consolidation options available, but you have to carefully "browse" the market in order to choose the solution which best suits your personal financial profile. Also, a good debt management solution will bring you some savings as well.
Credit card debt consolidation loans will bring you:







- Instead of paying 3 or 4 monthly installments you have to pay towards your creditors, there will be only one larger payment towards the loan, on more affordable terms
- Lower interest rates
- Lower late payment fees
- General good terms and conditions

     However, once you enter such a program you need to show commitment and discipline first of all, and keep up with the required payments. You will definitely save on interest rate payments, and will have the feeling of a debt free life if you stick to the plan. Certainly there are several aspects that are taken into account when your eligibility is calculated, such as: your total income and your credit scoring. Generally, if you have a bad credit rating because of the too many unpaid debts you will not receive quite a high value loan. Also, you need to make proof of a stable income, and if that income is too low you will also not be eligible to receive enough funds in order to
pay off your credit card debt.

     If you cannot manage to get an unsecured consolidation loan in order to pay off debts, you may think of turning unsecured debt into secured debt. These are generally the alternatives:

     - A secured home equity loan
     - A secured home equity line of credit
     Make some calculations to see how much equity you have in your home. For example, if the mortgage is for an amount of $200,000 out of which you have already paid off $30,000 for example, this sum indicates the equity in your home. Certainly from this amount you need to subtract all the other obligations (like another loan you have secured with your home), and thus you will get the real value of the equity. Lenders generally offer you around 80% and 85% of your equity as a loan. You can use this money to pay off your credit card debt, and then all you have to do is keep up with the required payments towards the loan.








     A
home equity line of credit is somewhat the same as a HEL, only here you will receive a line of credit where you can withdraw money from any time you need it. The limit is set by the lender in accordance with the value of your equity, and from there on you can start making the necessary transactions. (For example, take out only as much as you need to pay off your current credit card bill so that high interest is not accruing).
Other tips for credit card debt consolidation you could consider:

     - Balance transfers (transfer everything on the card which carries the lowest fees and charges and interest rates)
     - Contact credit card companies and ask for a reduction interest payments, this will lead to a quicker "clear off" of your debts
     - Write settlement letters to creditors and ask them to cut off your late payment fees, and then use the consolidation loan to pay off your debt at a much lower rate



-      You will also educate yourself on how to avoid future debt problems in the future. Once you have restructured what you owe, you inevitably start to see money differently, it can change the way you see finances. You will start to learn trick and tips on how not to end up in this situation again and how to better manage your financial situation. You will also be treated with respect and not made to feel bad about how your finances have gotten to this position. They will help guide you through your financial situation and give you hope for the future.





Disclaimer: This site is not , nor should it be taken to be, legal, financial or other professional advice. It merely provides a generalized guidance and generalized information only. Consult a financial advisor or an attorney to discuss any legal or financial issues involved with credit and debt decisions.
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