Consolidate Credit Card Debt Without a Loan and Save

If you have credit card debt and you’re barely making your monthly payments, you might be considering consolidating that debt so that you can pay if off more easily.

What you do from here might be what determines your financial future, so you need to be very careful. The first thing you need to know are your options when you’re considering this type of financial move.

Hector Milla Editor of the “Credit Card Debt Counseling” website — http://www.CreditCardDebtCounseling.biz – pointed out;

Get a Loan to Consolidate Your Debt

“…Many people consider getting a loan to consolidate their debts, but you should know that this often comes with refinancing their homes. What you need to know about using this method is that if you don’t have enough equity in your home, or your credit has been suffering due to the balances on your credit cards, then you could face not qualifying for refinancing on your home, or worse, be forced to deal with a higher interest rate. A higher interest rate always means higher payments overall, for the life of the loan, and if you’re dealing with a mortgage, that can add up to about 30 years or so…”

Consider a Credit Card Debt Consolidation Company

Because of the challenges many people are facing with financing right now, and because it can cost them a ton of extra money, many people are choosing to go with a company who will work to negotiate with their creditors and lower the amount they owe, so the debts can be paid off in a timely manner. Now, in most cases you will have to pay a small monthly fee for this, but people who are considering this option should consider that this is only for the life of the repayment plan, which is usually anywhere from two to five years.

Making this decision can really add up to big overall savings when you break down the dollars and cents of the situation. Plus, some debt repayment plans will actually help you to rebuild your credit after your plan is over and they can often negotiate with your creditors to make sure that your score stays in tact. This is great news for your future finances.

“…When you’re looking for a way to get out from under your debt, consider that you can keep the equity in your home, save on long term interest payments and take care of your debt in as little as five years, or you can get a loan and pay on it for the next 30 years…” added H. Milla.

Further information about trusted and reputable companies for credit card debt settlement by visiting; http://www.CreditCardDebtCounseling.biz

Hector Milla runs his corporate website at http://www.OpsRegs.com where you can see all his articles and press releases.

Article Source:http://www.articlesbase.com/credit-articles/consolidate-credit-card-debt-without-a-loan-and-save-1646268.html

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