Debt Consolidation

Whilst credit cards are a useful and convenient way to spend, many people continue to get into credit card debt. With the amount of credit card debt rising each year we need to be smart about our use of credit cards. Check out these useful Credit Card tips to avoid getting into debt.

If you are currently experiencing significant credit card debt, there are a few things you can do to improve your situation.

• Credit Card Consolidation – If you have a number of credit cards all with unpaid balances then one option is to consolidate this debt into one financial product. You are likely paying a high interest rate on one or more of these credit cards. Consolidating your unpaid balances, into one low rate product will reduce your overall interest payments and help to clear your existing debt faster. You could look at either a good low rate credit card or a personal loan.
• Balance Transfer – Another option is to transfer all your existing balances to a single balance transfer credit card. Many credit card providers are now offering very competitive rates on balance transfers. Some providers are offering 0% interest rate for up to six months, whilst some providers are offering a rate of 2.9% for up to 12 months. One important thing you should look at is the current interest rate. Once the balance transfer period has expired, the interest rate will revert to the current interest rate for the card. This option should only be used when you are certain that you will be able to pay off a large amount of the balance.
• Another option is to get some professional advice from a company offering debt consolidation service. They will usually look at your case individually and suggest a plan of action which is suited to your needs. They may contact your current creditors and advise them of your finanacial difficulties. Your creditors may be sympathetic and agree to offer more time for you to pay or at least fixing your interest rate at a low rate until the debt is cleared. Listed below are some reputable businesses who offer a Debt Consolidation service. Many offer a free initial consultation and will look at your case to see what they can do to help.

Choosing which way to deal with your financial difficulties will depend on a number of different factors. How much money you owe, your current interest rate and your income will all be important factors in determining which option will be the right choice for you.

Whether you use a low rate credit card, balance transfer offer, a personal loan or a Debt Consolidation service the important thing is to take the first step and get started on the path to reducing your debt.

DEBT CONSOLIDATION SERVICES
	GE Money Debt Consolidation Loan A GE Money Debt Consolidation Loan lets you roll your debts into a single easy-to-manage loan*. With a fixed loan term and one simple fixed monthly repayment, it’s easy to stay in control of your finances.