If you have a lot of credit card debt like a large number of Americans, you probably spend a lot of time making payments on each credit card for the minimum amount due and then find yourself wondering where all of your money went. Not a lot of people realize it is possible to lower their payments and instead of making several payments every month, only make one payment typically at a much lower interest rate by a process known as debt consolidation.
Debt consolidation, essentially, is the process of taking all of your separate debts, putting them into one big pile and then just making payments on the sum of your debts instead of each individual one. There are advantages to this, such as time saved from only having to make one payment, only having to keep track of one statement instead of multiple ones, and the best part – many credit card companies that encourage debt consolidation as a pay of paying off debt will give you a much lower interest rate. This allows you to save a great deal of money.
There are two ways to go about debt consolidation. Many people try to do debt consolidation themselves, by transferring their higher interest rate credit card balances to a new credit card with a lower interest rate. Many credit cards offer special low introductory interest rates with a balance transfer from another card or cards, so this is a very attractive solution for people without a great deal of credit card debt to worry about.
If you have more credit card debt than what you could handle over a short period of time, however, you can enter into debt counseling and have your credit counselor handle the debt consolidation for you. This way, you not only have someone to help with debt, but they will also contact your creditors and submit a budget on your behalf. All you have to do is make sure you make your new payments on time and agree not to go any further in debt. Usually, debt consolidation can have you debt free after three to six years of paying off debt.
If you really want to become debt free though, instead of the time it would take spent paying off debt under a debt consolidation play, you could give a debt elimination plan a try. Debt elimination will completely clear debt for you, overnight, so you never have to make another payment. Once the debt elimination process has been completed, you can stop making payments or worry about credit card debt because all of your debt will be eliminated.
Debt elimination is seen by many people that need help with debt as the ultimate solution for people that dream of becoming debt free but can’t see that happening.
If you need to eliminate your debt and not simply manage it, consider debt elimination as the viable and legal choice. Visit debt free for more info, or call 561-282-9476 for more information.