Pros cons consolidating your debt

Page 1 of 3About one half of all American households are carrying credit card debt, with an average balance above ,000.

If you’re one of them, you’re probably paying way too much interest for your debt than you should.

The lender will pay off your credit card bills, and in exchange you’ll enter into a loan agreement with the lender to pay back the money.

For a credit card consolidation loan to be worth your while, you’ll want a plan that offers a lower interest rate and/or lower monthly payments than you’re currently paying to your creditors.

In this episode, I’ll tell you the pros and cons of using personal loans to consolidate or pay off credit card debt.

You’ll find out the best places to apply for a personal loan and how consolidating affects your credit score.

alternative to a credit card consolidation loan, you can work with your creditors and your budget to develop a plan to wipe out debt on your own.

You’ll find out the best places to apply for a personal loan and how consolidating affects your credit.After all, consolidating is fairly easy to do with so many offers for consolidation loans out there and so many financial experts recommend it, how could wrapping all your debts up into one monthly payment go wrong?While in many cases consolidating debts makes a lot of sense, it isn’t always a smart move.But there’s one thing you must do before consolidating your debt. “I will not consolidate my debt until I address the reason I got into debt to begin with.” Now that you’ve promised to do it right, let’s go over some of the pros (and cons) of debt consolidation and some of the best ways to consolidate. There are a ton of companies out there just dying to get your money and they’d be happy to take on your debt to try and help you eliminate it.You MUST address the reason as to why you got into debt in the first place. Well, when you consolidate credit card debt to a new account/loan, you now have available credit on those original cards. When I work with clients, debt consolidation is a hot topic when we get down to creating a debt elimination plan. This is why you consistently get credit card and personal loan offers in the mail, through email, and on your Facebook feed.

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