Search consolidating credit card debt
This debt consolidation tactic will help you protect your credit, improve your cash flow, and reduce your debt stress.
However, since you lengthen the time of your loan, you will not get out of debt so quickly, now will this be at the lowest cost.
It will entail making a firm commitment to a fixed monthly payment, so make sure that you can afford the payments.
Credit Counseling and Debt Management Plan (DMP): If you can make minimum payments and commit to a fixed payment then a DMP program can help by reducing your interest rates on your credit cards.
Do-It-Yourself / Optimize Payments: If you have extra money coming in each month, good savings, and decent interest rates, then you can add extra money each month to your monthly payments.Your best choice will depend on whether the new interest rate will save sufficient money to warrant doing a full cash-out mortgage refinance.If not, you can consolidate your debt by taking out a HEL.You stop making payments directly to your creditor and your credit will drop, if it hasn’t already been damaged by delinquent payments.This debt consolidation program is for people with a financial hardship.
The total credit card debt is about $760 billion, and the average borrower balance (for those with credit card debt) is $5,400.