More and more consumers these days find themselves with several credit cards or other open lines of credit. While this may be good for some, others find it a bit of a hassle keeping track of more than a handful of bills at a time.
This leads many to consider some sort of debt consolidation program, or perhaps even looking into the advantages of online debt consolidation loans. There are several benefits to consolidating ones debt, not the least of which is lowering the interest rates on some of your outstanding debt, particularly that of your higher interest credit cards.
Some individuals go the route of using a debt consolidation program, where you consult with credit counselors and hammer out some sort of debt consolidation or repayment plan. This option may be best suited for those with a less than stellar credit rating, and are interested in fixing it. You can use these free credit counseling services to get much lower monthly payments and shorter payback times and any fees involved are built into your lower monthly payments.
A popular trend for those with a decent credit rating these days are personal debt consolidation loans. Even with a decent credit rating you can still reap the benefits of lower interest rates when you take into account the outstanding interest on your credit card debt. This alone can save you hundreds of dollars a year. But talk to a counselor first about the traps you could fall into with loans.
Another advantage to consolidating your debt is cutting down on the number of payments made each month. If you can bring this down from 6-8 to just one payment a month, you run a lot less risk of late payments due to a bill you forgot to pay. You can also get out of debt faster, which will in turn help your credit rating, and allow you to enjoy the lower interest rates that come along with a good credit score.
For those wanting to end the headaches and hassles of multiple lines of credit while at the same time help raise their credit score, a personal credit counseling consultation is the best solution to learn about all your available options. More...
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