5 Ways to Consolidate Credit Card Debt

2 min


When it comes to consolidating your credit card debt, there are various principles outlined for people to go through. Sometimes, it gets tiring having to make double or multiple credit card payments in one month, so the solution to this is to consolidate your credit card debt. To go about this, you would likely have to get enough cash to pay off the cards, so that you can be safe from any bad debt. When you do this, you would be left with a single payment that has a lower interest rate, which is more than the debts you have incurred on the credit card. The aim of this is to pay less when it comes to interest and remove the debts that you have incurred one by one. However, where you would face some challenges is getting the money to pay off these debts, which could either be borrowed from a friend or a bank. There are various ways to get money to pay off debts, some of them include, August Funding and Americor Funding.

Banks these days do not just hand over loans to individuals, and if they knew what the loan was to be used for they would even be more skeptical. Also, borrowing from friends these days can prove to be complicated because some friends want to give out money that they know they can get back. So, instead of a business idea, if you present a credit card situation, things may not work in your favor. This is because it looks like you’re leaving one debt to owe another debt. When it comes to consolidating credit card, there are several ways to go about that, but here, we will focus on five common ways to solidify a back credit card. 

5 Ways to Consolidate Credit Card

Now that you have weighed your options, and you are aware of the potential risks that may be involved in consolidating your credit card, you must put a plan in place. This is to make sure that your debt situation is tackled till it goes away. These are the ways to go about consolidating a credit card that you own.

Align With a Non-profit Credit Counselling Organization

If there is anything that anyone needs at some point in their lives, it’s counseling, and when it comes to credit card problems, these organizations are the best that you can turn to. These types of organizations render advice on a large scale to individuals who are faced with debt problems and find a way to clear their debts. The best thing about this is that you would be able to set up a management plan, to guide you through future steps; however, the service from these companies, is not free. An example of a firm that can give you this type of service is known as Trout Associates.

Get A Personal Loan

A personal loan does not have to be millions of dollars; it just has to be enough to clear out your situation, and not one that will be difficult to pay back.

Make Use of A Balance Transfer Credit card

These types of cards give you zero interest charges on the balances that you transfer into your account within a specific period.

Make Your Withdrawals From Certified Retirement Accounts

If you have saved enough money in a retirement account, this may be beneficial to you to pay off your debts.

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