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Tag Archive: credit card

  1. Credit Card Consolidation

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    Credit Card Consolidation

    Credit Card Consolidation

    If you own credit cards, then the best thing you can do for your financial life is to understand credit card consolidation. When you are in a situation where you have credit card loans, then consolidation is your best way out.

    Credit card consolidation is an efficient way of getting out of bad credit. In the modern society, the use of credit is accepted widely. People use credit cards to purchase items everywhere and these cards gives you a certain level of spending power. The convenience of purchasing items without the need to use cash extends the purchase ability of the customer. However, without a proper spending habit you will end up with a huge credit debt. Fortunately, there are ways that you can overcome credit card debts. One of the methods is through credit card consolidation.

    What Is Credit Card Consolidation?

    What Is Credit Card Consolidation?

    What Is Credit Card Consolidation?

    This is a common question that any people ask when they are seeking credit card debt consolidation. This is a type of debt that combines a number of credit card debts into one. Instead of the borrower following up on several creditors or credit card accounts, you have to monitor one payment because your lender will pay off all your debts on your behalf. You can choose a consolidation plan that will suit your budget. Look at the interest offered by your lender and determine if it will help you manage your debts easily. Put all your financial goals in line with the repayment strategy to help you overcome credit card debt.

     

     

    Why choose credit card consolidation?

     Why choose credit card consolidation?

    Why choose credit card consolidation?

    There are many reasons that people choose credit card consolidation, however the most common reasons include the following

    1.     Reduce interest rate. For many people high interest rates associated with credit card debt makes it hard for the borrower to get out of debt. Most of the monthly payments go into interest and a smaller percentage is taken to cover the principal. The amount carried over to the net month increases interest rate. When this happens, it becomes difficult for the borrower to clear the debt. Consolidating your credit card debt will give you a low interest loan that you can repay your loan on time.
    2.  Pay off your debt quickly. If you want to deal with your debts aggressively, the best way is to find a plan that increases the amount of principal amount repaid. This will shorten your repayment period and it will help you save money in the long run.
    3.   Simplify payments. This is a major benefit of consolidating your credit card debt, instead of paying multiple loans you will have to pay only one loan each month. This increases commitment to the repayment plan and reduces chances of failing to repay the loan on time.

    How to prepare for credit card consolidation

    1. Note that consolidation of your loan debts will eventually result in more savings. First, check all your credit cards and list the different interest rates you are currently paying. You can then compare with the new consolidation rate that you will be getting from lenders working with us. This will ensure that you choose a suitable rate for your case. Lenders will offer rates that make your monthly deduction lower. With us, you will find finance experts who will analyze your situation and offer you the best.
    2. Review all the lenders you find and ensure that you understand their charges. We will link you to lenders who are open and who do not charge any hidden fees. You will be dealing with experienced lenders who understand how consolidation works.

    Taking advantage of credit card consolidation

    • Taking advantage of credit card consolidation

      Taking advantage of credit card consolidation

      You will learn how to make small cuts on your budget: know where you spend your cash and identify the places where you could save. Avoid eating out and opting to eat at home, reduce grocery expenditure or removing TV services that you do not need. These are some of the things you can cut off and save more.

    • You will save on interest: this means that if you have debts, whether it is a loan or mortgage, you will need to find ways to reduce the amount of interest you are paying. When you have a good credit score, your lender is likely to offer you a lower interest on your consolidation package. Having to pay interests is not easy but the lesser it is, the better.
    • Find other use of things you do not need: You can opt to sell things you do not use often and generate cash.
    • Lenders in our network will offer you a low rate. This will ensure that you pay the least amount of interest possible. When on your journey to come out of credit card debt, you should stick to lenders who will give you minimum repayment options. With minimum repayment in your consolidation plan, you are likely to complete your consolidation loan comfortably. The amount you will be paying as a result of consolidation can be significantly smaller. It is better to consolidate with the help of a lender who will help you keep track of your payments. Your responsibility will be to pay back the single amount on a regular basis as agreed.
    • Choose a lender with fast services. Lenders in our network will clearly show you their different rates. Remember that interests are compounded everyday and the shorter your repayment period, the better. With credit card consolidation, you will be in a position to know how your interest rate is going to directly affect your balance.

    Financing options

    • Financing options

      Financing options

      You can decide to also settle your loan using collateral. If you own a home, you can use it as collateral to get better rates from your lender. It is usually not recommended but it works. You will be able to get a substantial consolidation amount that will pay off your credit card debts faster.

    • Remember that even with the lowest rate, you still need to be self-disciplined. You need to clearly set your goals to ensure you get the most out of your consolidation plan. Your goal would be to reduce the total amount of your credit card debt balances. If you are not careful, you can still end up in more financial crisis even after consolidating your debts.
  2. Consolidating debt

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    Having trouble with multiple debts? It is ok, a lot of people do. In fact, it is safe to say that many people in the United States are experiencing similar financial problems. The reasons for that are many, but basically, it is just the world that we live in.

    Reasons for going into debt

    Reasons for going into debt

    Reasons for going into debt

    Nowadays, many hardworking people are struggling with their regular monthly bills. When it all becomes too much, taking out a loan is usually the go-to option for most of them.

    • Some manage their regular monthly budget pretty well but then are faced with an unexpected emergency expense and once again, the loans start to come in into play.
    • Others go into debt because of their desire to invest in themselves. In today’s economic state, if you want to have a successful career, you would normally need to graduate from college. In order to do that, you would need to have a significant amount of money, which most people simply do not have. And so their only way to get an education is to take out a student loan.
    • Other people start carrying debt because they want to have their own home, and so they apply for a house loan.

    Whatever your reason for carrying debt is, the important thing is to find a solution and ultimately get rid of all that debt.

     

    How to deal with multiple debts

     

    How to deal with multiple debts

    How to deal with multiple debts

    Once you start carrying a certain debt amount, it is easy to start adding more and more debts just to deal with the previous ones. Soon you can find yourself in an ocean of financial trouble. Dealing with multiple debts can be extremely hard, especially when you still need to take care of all your regular monthly bills. So in order to prevent losing total control of your financial future, you should look for a way to make your situation better, and getting some help is usually the only way to do that. Probably the most popular and most efficient way for dealing with multiple debts is consolidating your debt.

     

    What is a debt consolidation?

    Debt consolidation is a way for you to combine all the different loan payments that you have to make each month into a single monthly payment. Depending on the type of the debt consolidation that single monthly payment may be a new, larger loan with different loan terms.

    Why is combining multiple debts into a single payment is so beneficial?

    combining multiple debts into a single payment

    combining multiple debts into a single payment

    There are a number benefits that come with consolidating debt. The first and probably the most obvious one is being able to focus on a single monthly payment instead of managing multiple debt payments. That alone is going to make your life a lot easier. Having to stress over multiple debt repayments while trying to manage your regular monthly bills can be overwhelmingly exhausting. Another major benefit of debt consolidation is that you will most likely be able to lower the terms of your debts, including the interest rate. Another advantage is that consolidating your debt will give you is an overall lower monthly payment which will make your monthly budget planning a bit easier.

     

    Different types of debt consolidation

    There are three ways that debts can be consolidated:

    • Debt Settlement
    • Debt Consolidation loan
    • Debt management plans

    None of these options is a 100% method for debt relief, nor are they easy and simple fixes. However, the right debt consolidation can have a tremendous impact on your battle with debt. There are, however, some ways that you can consolidate your debt almost on your own, without having to use the services of a debt consolidation company. Now we are going to have a more in-depth look into some of these methods that you can choose for your debt consolidation.

     

    5 ways to consolidate your debt

    1. Home equity line of credit or a home equity loan

    home equity loan

    home equity loan

    In order to pay off your multiple debts, you may be able to borrow an amount of money against the value of your home. You can also use a home equity loan to pay off your debts or use a home equity line of credit and then use the money from the loan to deal with your debts. However, when considering these options, you should keep in mind that if you fail in your payments, you will risk losing your home.

    2. Credit card balance transfer

    If your credit card has a limit that is large enough, you may be able to use a low rate credit card balance transfer and move all your balances onto just a single credit card. Before you choose to go with that option, make sure that by doing so you will actually be saving money and not end up paying more at the end.  

    3. Borrow a life insurance policy

    While it may not be the most popular way of consolidating debt, borrowing money from your life insurance can still be a better option compared to bankruptcy for example. You can normally get an amount up to the value of your loan, and then use that money to consolidate your debt. You will not be required to make payments by your insurance company, that is, as long as the payments of the loan are not more than the cash value of the policy.

    4. Debt Consolidation Loan

    The purpose of a debt consolidation loan is to combine all your current debts into a new, single and larger loan with different loan terms. You can apply for a debt consolidation loan with your bank or you can go to a private loan lending company. In case you have a bad credit score, getting a debt consolidation loan from a traditional loan lending institution such as a bank will most likely be impossible. However, if you choose to work with a private loan lender, make sure you pay attention to the loan terms that are offered to you. Some of these companies offer really high interest rates and fees.

    5. Borrow money from your retirement fund

    This is, of course, much like the life insurance borrowing. This should be a last resort option for debt consolidation. Many retirement plans actually give allow you to borrow a certain amount of money against them. But you really should explore other options and review this one only if none of the other debt consolidation options are available to you.

  3. Credit card debt consolidation – what is good and bad about it

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    left-bank.org/debt-consolidation-programsIt is safe to say that credit card debt is making a comeback in the United States. Different researches show that the average American household is carrying credit card debt of around $15,000. The average interest rate that many American households with credit card debt have to pay can quite possibly be more than $2000 over the course of the upcoming year if these families only make their minimum credit card debt payment. There is, however, a financial tool that can help you get out of your credit card debt in a faster manner.

    credit card debt consolidation

    credit card debt consolidation

    There is a method that is gaining real popularity among people carrying credit card debt and that method is called a credit card debt consolidation. Using a consolidation loan can set you on the right path towards debt relief and enable you to finally regain your financial stability. There are, however, many types of debt consolidation plans and programs. While some of them can really make the impact that you need, others can actually make things a bit worse. Below, we are going to look at:

    • Debt consolidation plans that actually work
    • Debt consolidation programs and plans that you should avoid
    • And the overall risks of consolidating credit card debts

    A credit card debt consolidation that can actually work

     

    A debt consolidation loan is basically all your debt being combined into a brand new, larger, debt consolidation loan. By repaying that new loan, you will be basically repaying all your multiple credit card debts, as the proceeds of the loan will go directly to all of your creditors. A debt consolidation loan can bring you three main benefits:

    • A debt consolidation loan is simpler and easier to track

    If you have multiple debts, that automatically means that each month you need to think and stress over a number of payments. That alone can be pretty hard and quite stressful. With a debt consolidation loan, you will be able to focus only on a single monthly payment which will ultimately make your budget planning a lot easier. And when you are going through tough financial times, repaying debt while also taking care of regular monthly bills, every feature that can make your life a bit easier is worth the consideration.

    • A new, lower interest rate

    This is probably the most important benefit that any loan feature can offer you. By lowering your overall interest rate, you will most likely be able to repay your overall debt years earlier and with that, you will naturally save a lot of money doing it. And since this is so important, you need to pay good attention to your debt consolidation loan terms, making sure that the annual percentage rate on your brand new debt consolidation loan is lower than the annual percentage rate on your current debts.

    • It can improve the state of your credit score

    improve the state of your credit score

    improve the state of your credit score

    In case you have your credit cards all maxed out, the utilization ratio of your credit cards is going to be really high. It is important to know that this utilization ratio may have a huge impact on your credit score, and not a positive one. When you are using a debt consolidation loan to pay off all your credit cards, you will actually be reducing the overall utilization on these credit cards. According to different research, people who are using debt consolidation loans to pay off their credit cards are having an improvement in their credits scores with around 20 points within just a few months after consolidating their debt into a credit card debt consolidation loan. Of course, the best and most certain way of improving the state of your credit score is to ultimately get rid of all the debt you are carrying.

    The consolidation loan can give you a lower interest rate

    • Lines of credit and home equity loans

    Before the financial crisis in 2008, home equity loans were one of the most used methods for consolidation. Home equity loans can give you several benefits. The two main benefits being an ability of an interest deduction and an overall lower loan interest rate. With that being said, however, going for a home equity loan can also be quite dangerous as you would have to put your house at risk. Normally, you can find pretty good rates on home equity loans from different credit unions, either a local credit union or a national credit union.

    • Personal loans

    Lines of credit & home equity loans

    Lines of credit & home equity loans

    With the lending industry seeing tremendous growth in the past decade, getting a personal loan with good terms, including low interest rate, is actually not that difficult nowadays. Most private loan lending companies will be willing to work with you regardless of the state of your credit score, so you should have plenty of options to choose from. Make sure that you do proper online research on different private loan lenders and compare the loan terms that they are offering. That way you will be able to pick the loan lending company that is best fitted for your financial situation.

    • A transfer of a credit card balance

    In order to gain new customers, many credit card companies are offering teaser interest rates that go as low as zero percent. If your credit score is good and you do not carry that much debt, transferring your credit card balance may work for you.

    Credit card debt consolidation plans and programs that you should stay away from

    Going for a home equity loan, a personal loan or a credit card balance transfer may be a really good option for you, especially if you have a perfect or at least a good credit score, and have a source of monthly income that enables you to easily manage your debt repayment while also managing your regular monthly bills. In case you are having a hard time paying your regular monthly bills and your credit score is not that good, you may be lured into using a debt management company. Keep in mind that in most cases, such companies often advertise themselves as companies that offer debt consolidation loans. The reality is quite different. What debt management companies do is that they make you pay them instead of paying your creditors.

Testimonials

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"My first student loan payment out of many loans was coming up and it was going to put a huge dent in my pocket. But luckily for me I found Apple Debt Care; they really helped me consolidate all my loans and now I only have to make one low payment that I can actually afford." - Eddy A.

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