Consolidating credit card debt without hurting your credit

Posted by / 14-Oct-2018 16:15

Consolidating credit card debt without hurting your credit

If your new monthly obligation is substantially lower, it usually means a longer repayment term.

If your repayment term is extended when you consolidate, it may take you significantly longer to pay off your credit card debt.

Consolidate Your Debt Now Debt consolidation is combining several unsecured debts — credit cards, medical bills, personal loans, payday loans, etc. Instead of having to write checks to 5–10 creditors every month, you consolidate credit bills into one payment, and write one check.When you obtain a debt consolidation loan, you pay off all of your outstanding credit cards with its proceeds.This means that instead of owing money on multiple credit cards, you now have a single obligation.There are three major types of debt consolidation: Debt Management Plans, Debt Consolidation Loans and Debt Settlement.These are not quick fixes, but rather long-term financial strategies to help you get out of debt.

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Even if the consolidation reduces your monthly payment, you still have to pay off all of your debt.

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