No Loan On Credit Card Debt Consolidation
No Loan On Credit Card Debt Consolidation: Credit card debt can mess up your finances and it makes you think all the time how to come out from a pile of debt. We are sharing some of the workable tips to help you stay away from loan on credit card.
Consider the situation and scenario
If you think that your monthly payments are higher than your comfort level and you pay your bills on-time, but the balance remains there. You are thinking about borrowing money to consolidate your debts and you usually pay only the minimums on your credit card bills each month. You have fallen behind on your payments due to an emergency or unexpected expense, and find it impossible to catch up and you think your financial situation is becoming uncontrollable.
Consider yourself as a good candidate for a debt consolidation plan with a credit counseling organization if your situation sounds like the situation mentioned above.
Non-Profit Consumer Credit Counseling Service: The most workable method to keep the loan away from Credit Card is availingThe most hassle and tension free method for consolidating consumer debt is a non-profit consumer credit counseling service. These services are in the business of helping people make choices about their debt. Sometimes a financial situation does not leave many choices but to file bankruptcy and start over.
The good thing about credit counseling organizations is they will analyze your unsecured debt and give you a plan for repaying it. Credit counseling will allow consolidating most of your unsecured debt into one payment per month with a loan. Here are some of the benefits you will get from enrolling in a debt management program:
- Reducing monthly payments by 25-50%
- Reducing or eliminating interest rates
- Reducing or eliminating late fees and over limit fees
- Consolidating your bills into one monthly payment
- Stopping creditor harassment and collection calls
- Accelerating payments and saving you thousands in interest
If you think you have too much of debt keep in mind that talking to a credit counselor does not obligate you to anything. It just gives you information to make an informed decision.
Do Not Worry About Your Credit Score
Stop worrying about your credit score. Your credit score may go down at first because your creditors will close the accounts that are enrolled in the program. But as your debt decreased, your credit score will increase and by the time you complete the program, it will be stronger than ever.
Plan For Repayment
If you are under a debt start making a plan for repayment from the very beginning. There are a lot of great books that outline how to repay debt, how to budget and save for the future. If you feel you need professional help, consult organizations that are member of the NFCC (National Foundation for Credit Counseling) certified consumer credit counselor online or visiting one present in your locality.
For More Information & Videos Subscribe To Our YouTube Channel