Help consolidating credit card bills

Instead of balancing their budget so they can live without any reliance on credit, debtors who don’t use consolidation correctly continue to use their credit cards in order to get by every month.As a result, they continue adding to their debt load instead of reducing it.

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You can lower your interest rates and your monthly payments, meaning you can get out of debt faster even though you pay less each month because you’re managing and eliminating the debt more efficiently.

Consolidated credit companies, like credit counseling agencies, usually point consumers at debt-relief options like a debt management program, debt settlement, a debt consolidation loan and, in extreme situations, bankruptcy.

With credit consolidation, you take out a new loan and use it to pay off smaller loans.

Options to consolidate your credit card and other debts include a balance transfer credit card, an unsecured personal loan, a home equity loan or line of credit and a 401(k) loan.

The option that best suits you depends on your overall debt load, credit score and history, available cash and other aspects of your financial situation, as well as your self-discipline.

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