Posted on November 23, 2007 at 9:41 am Credit card debt consolidation is a general term that could take several meanings. When most people think of debt consolidation, they think of those companies with the commercials featuring people in desperate situations, worrying about how they are going to pay their credit card bills.  Then their company comes to the rescue, consolidating the credit card debt and allowing the poor individual to pay only one bill per month at a lower interest rate, etc.  The commercials do not tell you that they have to close your credit card accounts in order to negotiate a deal (sometimes including a lower payoff amount) with the credit card company.  This is a good solution for some people, but in many cases, it is a bad idea.  This type of consolidation, also known as "debt settlement," has a negative effect on one's credit rating. Credit card debt consolidation could also refer to a loan.  The loan could be a personal loan, a home equity loan, or a loan specifically for credit card debt consolidation.  To get a loan like this, you should make sure you have good credit and all your accounts are in good standing.  If that is not the case, you will either be denied the loan, or you will get a bad deal, like high fees or adjustable interest rates. Thirdly, credit card debt consolidation could mean transferring the balances of cards to one card.  Make sure that you have available credit on your card in order to do this.  Also, try to get low or no-fee transfers and a low interest rate.  Ask for an incredible deal, and you just might get at least a good one.

Posted on August 4, 2008 at 2:40 am Most likely there are two ways to consolidate your credit card debts. One of the way is Credit Card Consolidation Loan, which is a type of unsecured personal loan. Credit Card Debt Consolidation Loan shortly means one loan for all your credit card debts. When you have several credit card debts, you can consolidate it into one lower, fixed rate loan. You make a single lump sum payment each month to your credit counselor and he in turn will pay off to your current creditors. Credit card consolidation loan can be further categorized as Student and Military Credit Card Debt Consolidation Loans. Consolidating student credit card debt can be of great help to students for the reason that instead of having to send out four monthly payments to four different lenders on four different dates, you send one payment, to one lender on one date by taking one lower interest rate loan that would allow you only one monthly payment. And another is Military credit consolidation loan program which is especially for the personnels in army. It allows them to make monthly payments in a timely manner and so as to take advantage of having an easy budget. Another way is credit card debt settlement plan wherein a debt settlement company would negotiate a lower lump sum payment to pay to your Credit Card Companies i.e. your creditors off and as a result you end up paying fifty percent or even sometimes lower, of your outstanding balance to them.

Posted on September 8, 2008 at 12:09 am A word of caution here before you decide to consolidate your debt. Collection agencies are notorious for causing duplicate reporting errors. Only one collection agency can own a debt at a time. Essential credit repair tip! If a collection agency no longer owns the debt they are not allowed to report it. That’s the law! I found a lot of other useful information on this great site mycreditdetail.com which helped me to rebeuild my credit.

Posted on November 1, 2008 at 12:00 pm I have another solution for you.  I was in the same boat with trying to decide what to do with my debt and my friend has consulted with me and gave me the best thing to help me be debt free.  Best decision I ever made.I'm making leaps and bounds with her help on my debt.  Good luck!!

Posted on November 1, 2008 at 3:07 pm Also, you might want to keep in mind the finance charge.  For balance transfer they are generally low (3% of the principal amount transferred) but you need to make sure it is worth it!  If you are transferring $5,000.00 to go from 15.99% to 14.99% to avoid an extra payment, but you are able to pay it off within a year you basically paid $100.00+ to not make that second payment.  Is it worth it?

Posted on November 26, 2008 at 11:08 pm First thing is: you must get on a budget and determine how much money you can throw at your bills each month. Stop investing until your bills are paid. Have a yard sale. However you can scrape up a dollar within legal means, do it.