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Consumer Debt Consolidation Programs: Tips for Choosing the Right Program
With all of the expenses that we have in our lives today, it
shouldn't come as a surprise that many people get deep into debt
and consider enrolling in a consumer debt and loan consolidation
program. Education costs, student loans, home ownership...
Debt Consolidation. Just lump it all together!
In a world where people use credit as much as they drink water, it is no surprise that so many people need debt consolidation loans. Debt consolidation loans sound like a good way of getting your debt cleaned up, but are they? If you need help...
Debt Consolidation May Be The Answer!
Debt consolidation is a means of debt relief. It allows the borrower to take out a loan which is then used to pay off debt from other loans as well as from credit cards. These products are often necessary in that they provide the ability for you to...
Debt Consolidation Versus Debt Negotiation
Debt consolidation versus debt negotiation are two options that are available to you if you need debt assistance. When your monthly bills become too much for you to handle, it makes sense to use debt consolidation or debt negotiation for solving...
Why Choose a Debt Consolidation Loan?
If you are one of the many people who continually struggle to cope with an ever increasing amount of debt the solution could well be within your reach.
If your are looking to:
reduce interest rates
lower your monthly payments,
...
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Debt consolidation – More Options for Reducing Credit Card Costs
Borrowing money against your credit cards has always been among the most expensive ways to borrow money, and when you fail to pay your bill in full each month, borrowing is exactly what you’re doing. You’re not alone; the average American household now carries more than $8000 in credit card debt. It’s easier to accumulate credit card debt than other types of debt for the following reasons:
They’re easy to use. It’s far easier to borrow spend money on a credit card, even thousands of dollars at a time, than it is to go to the bank and secure a loan. Convenience can easily lead to overindulgence.
The interest rates are higher than for other types of debt. The interest rate on your mortgage may be 6%. The interest rate on your credit card may be 25%. That adds up in a hurry, especially if you are carrying a balance.
There is no set repayment schedule requiring you to pay back a set amount each month. The only requirement is that you pay at least 2% of your outstanding balance. Many people pay exactly that, and no more, causing the interest to accumulate quickly
Credit card lenders tend not to be very forgiving. If you make a late payment, you could end up with a late fee of as much as $39 in addition to having your interest rate increase.
Many credit cards come with annual fees, which can add to your debt, especially if you don’t pay them in full. Then you end up paying interest on the annual fee!There are number of solutions available. All they require is a bit of time and diligence. Besides shopping around for the card with the best rate and doing a bit of debt consolidation to place all of your credit card
debt on the lowest interest card you own, you might also consider the following:
Ask your lender to waive your annual fee. The competitive nature of the credit card business means that your lender will often waive these fees just for the asking. They would usually rather waive your fee rather than lose you as a customer. It costs nothing to ask. If they do waive the fee, add the fee amount to your next payment.
Pay more than the monthly minimum payment. The minimum payment may soon go to 4%, which may place many borrowers who currently pay only the 2% minimum in a bind. Get in the habit of paying more each month, or pay your bill in full, if you can.
Did you get a large tax refund? Send it to your credit card company. Sure, it would be nice to spend it on a new TV, but if you spend it on a TV while carrying a balance on your credit card at 25%, you are effectively paying 25% interest on your TV.Use your debit card instead of a credit card. They have the same convenience and ease of use, but few of the drawbacks.
Paying off the national average of $8000 in credit card debt can take a lifetime if you only make the minimum payments. That is a trap that you should make a concerted effort to avoid and by taking a few simple steps, you can keep your debt to a minimum.
About the Author
©Copyright 2005 by Retro Marketing. Charles Essmeier is the owner of Retro Marketing, a firm devoted to informational Websites, including End-Your-Debt.com, a site devoted to debt consolidation and credit counseling, and HomeEquityHelp.net, a site devoted to information regarding home equity loans.
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