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redit card debt consolidation adds up all your unpaid balances and converts them into a single payment. This payment is far lesser than each of the individual payments.

When you finalize a plan with a debt consolidation company, the company repays your dues to your creditors. Then you make a single payment to the consolidation company every month. Your average new interest rate is much below the old interest rate. All credit card debt consolidation loans include some type of credit card and debt counseling. You have to trim your lifestyle to eliminate unnecessary expenses. This will allow you to set your house in order. But this necessary, as the ultimate goal of debt consolidation is to help you out of debt, while keeping your home.

2007-06-20 00:02:07 · answer #1 · answered by Anonymous · 0 0

Another credit card. They usually fight for balance transfers. Keeping the balance on a credit card reduces the change of fooling yourself into believing you paid them of. The last thing you need is to get a new loan and go back into credit card debt.

2007-06-19 18:55:10 · answer #2 · answered by STEVEN F 7 · 0 0

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