Ways to Consolidate Credit Card Debt
Finding debt relief in today's economy is a primary concern for most individuals and here are eight things you can do to reduce your debt.
The first option is credit card balance transfers.
To do this will probably require you to pay a 3-4 percent fee on the amount of money that you are transferring from card to card.
They usually come with low introductory APRs and for a limited time.
Before doing a transfer, make sure that you will not end up paying more with the 3-4 percent plus the APR than you would just sticking with the card that you have.
Remember that everything that glitters isn't always gold.
The second possible consolidation is a home equity loan.
You could potentially use this loan to pay off your debt and many home equity loans can give you a tax break so be certain to investigate the cost benefits of these loans so that they benefit you in the long run.
If your employer allows you to borrow from your retirement plan than this could be another option.
Job stability is crucial to this plan because if you quit or lose your job you may have to pay what you borrowed back almost immediately.
Some life insurance policies will allow you to borrow money from them but be certain to pay it back as soon as possible so that your family will not be in financial limbo if you unexpectedly die.
Borrowing money from friends and family may be an alternative that you do not want to use but if you have no other choice than go for it.
Make certain to pay back your obligations to them as soon as possible to avoid a complete family meltdown.
Credit Unions also offer loans and they usually come with decent rates and less harsh penalties.
Join a credit union and see if they can give you a great offer to help you out of a jam.
Debt consolidation services can be helpful as well but make sure that they are reputable and they really will help you.
The final idea is to try and negotiate with the credit card companies themselves.
Tell them your situation and they will likely try to help you.
If they do not help you, they may not get their money so it is in their best interest to be sympathetic to your debt reduction needs.
The first option is credit card balance transfers.
To do this will probably require you to pay a 3-4 percent fee on the amount of money that you are transferring from card to card.
They usually come with low introductory APRs and for a limited time.
Before doing a transfer, make sure that you will not end up paying more with the 3-4 percent plus the APR than you would just sticking with the card that you have.
Remember that everything that glitters isn't always gold.
The second possible consolidation is a home equity loan.
You could potentially use this loan to pay off your debt and many home equity loans can give you a tax break so be certain to investigate the cost benefits of these loans so that they benefit you in the long run.
If your employer allows you to borrow from your retirement plan than this could be another option.
Job stability is crucial to this plan because if you quit or lose your job you may have to pay what you borrowed back almost immediately.
Some life insurance policies will allow you to borrow money from them but be certain to pay it back as soon as possible so that your family will not be in financial limbo if you unexpectedly die.
Borrowing money from friends and family may be an alternative that you do not want to use but if you have no other choice than go for it.
Make certain to pay back your obligations to them as soon as possible to avoid a complete family meltdown.
Credit Unions also offer loans and they usually come with decent rates and less harsh penalties.
Join a credit union and see if they can give you a great offer to help you out of a jam.
Debt consolidation services can be helpful as well but make sure that they are reputable and they really will help you.
The final idea is to try and negotiate with the credit card companies themselves.
Tell them your situation and they will likely try to help you.
If they do not help you, they may not get their money so it is in their best interest to be sympathetic to your debt reduction needs.
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