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Credit Card Canada - Canadian Credit Card Reviews and Applications How to Consolidate Credit Card Bills
Consolidating credit card bills can be a good move as long as repayments are lumped together in one loan with lower interest rates. Consolidation of credit card bills is simply the process of accumulating all credit card debts into one outstanding debt that comes with reasonable repayment terms. There are many different methods of consolidating your bills. One way to go about it is to use the services of a debt consolidation company, while another option is to try and deal with the consolidation process on your own.
Hiring a Debt Consolidation Company
Working with a debt consolidation company is a good option when the debt is already causing one’s credit score to drop. However, if the credit score is not blemished, it is best to try out other approaches. The debt consolidation company offers to pay the outstanding debt in exchange for a single debt at lower interest rates. This move is a smart one when dealing with a lot of debt that may damage your credit standing if not paid as soon as possible.
When choosing a debt consolidation service, make sure you do some research on the company’s profile, together with its accreditations and credibility. It pays to check for any signs of fraudulent activities in order to avoid getting scammed. Remember that there are many con artists at work, looking to take advantage of the increasing number of people who are stressed out by paying off bad credit.
Obtaining a Low Interest Loan
Another way to consolidate credit card bills is to obtain a low interest loan. To do so, first list all of your credit card debts, starting with those that come with the highest interest rates and proceeding with the ones with the lowest interest rates. Credit cards come with different interest rates; so, be sure to make a priority list. After obtaining a low interest loan, such as a secured loan, pay off all credit card bills according to your priority list. The lower interest rates will also make the debt a lot easier to pay off and manage.
Transferring All Outstanding Balances to One Credit Card
Consolidating credit card loans can be done without using the services of a debt consolidation company or obtaining loan from the bank. With the availability of credit cards that offer very low interest rates, all outstanding credit card balances can be transferred to one to consolidate debt. The process is simple. Just pay off all other credit card debts using the low interest credit card and you are left with one credit card bill a month. Since the interest rate is low, it will be a lot easier to manage.
Managing Debt
After consolidating the credit card bills into one loan, it is wise to develop a finance management strategy as to not get stuck with credit card debt in the future. Make a list of all monthly expenses and deduct them from the monthly income you get. Use the remaining cash to pay all debts on time. It may be wise to cut back on luxury items for a while until all debts are paid in full.
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