Need help consolidating my credit cards

Debt consolidation is a third-party payment system. Agencies range in quality so make sure you shop around. Most debt consolidation plans are structured the same way. They ensure member agencies pass rigorous standards set forth by the Council on Accreditation or another approved third party, and that their counselors pass a comprehensive certification program. Financial institutions don't give preferential treatment to any one organization, nonprofit or otherwise. However, if you just happen to have accounts with creditors that don't offer any concessions, that benefit is reduced. Look for a nonprofit credit counseling organization that belongs to either the National Foundation for Credit Counseling (NFCC) or the Financial Counseling Association of America (FCAA).Again, be careful to check the interest rate and terms and conditions to make sure you won’t be adding to your debt, or paying it back over a much longer period of time.

Excessive credit card and other unsecured debt can make it difficult for people to pay their bills and can really hinder a person's ability to get ahead in life.

High credit card interest rates and fees can make it almost impossible to get the balances paid down, and it can be difficult to find the help you need to pay the bills.

Did you know that by paying just the minimum payments on your credit card bills, it will likely take you decades to pay your balances in full?

Clients who choose Cambridge to help them pay their bills are debt free in an average of just over 4 years and we are able to save them an average of $142 per month on their credit card payments.

Consolidation is not right for everyone, make a decision that's right for you. Your payments will remain the same until all the creditors are paid off. You must keep up with your monthly statements and forward them to the consolidation agency. You can't use your credit card until you're done with the debt management plan. A debt management plan is not bankruptcy, but it will appear negatively on your credit report. Here's what you need to know about consolidating accounts through a debt management plan with an agency. Instead, they have preset arrangements with most financial institutions, many of which lower interest rates and fees, so more of your payment goes toward the balance rather than finance charges. With something as precious as your finances, be exceedingly careful about who you work with.

Their debt management plans can help you get back on track -- but they can also be unnecessary and even detrimental when done through a poorly run organization or for the wrong reasons. These agencies do not make loans, nor do they settle debts.When you consolidate your debts, you replace several debts with one larger loan.One method of consolidating credit card debt is to transfer the balances of multiple credit cards to a new one.Most issuers charge a balance transfer fee of around 3%, and some also charge an annual fee.Before you choose a card, calculate whether the interest you save over time will wipe out the cost of the fee.There's no easy way to get out of debt, but we make the process as simple and safe as possible.

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