credit card debt consolidationA Credit Card Debt Consolidation may be right for you if… you are having trouble paying your bills, getting dunning notices from creditors, have had your accounts turned over to debt collectors, or are worried about losing your home or your car.

Credit cards are by far a consumer’s greatest debt load. The interest on these accounts can be upwards of 21%.

If you just pay the minimum amount due month after month, it will take years to pay off these accounts. In fact credit card companies prefer that you never payoff your cards.

As a homeowner, you may consider credit card debt consolidation through a second mortgage or a home equity line of credit “HELOC”.

Interest rates on these types of “secured loans” are much lower than you pay on your credit cards. And what’s more, you get a tax break at the end of the year.

If you do not own a home, it is still possible for you to get a debt consolidation loan. In order to get approved for an unsecured consolidation loan, you need to have good credit. Credit card debt consolidation companies will often negotiate with your lenders to actually lower the amount of money you owe.

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