The little card in your wallet hardly measures up to 3 – 4 inches was supposed to make your life simpler. However, before you realized, it turned into a monster, and it has been haunting you since then. To make matters worse, you do not just have one of these monsters, but a number of them.

It all turned into a horror story when you failed to pay off your debt. And, to make your life a little harder than it usually was before, now you have a bunch of credit cards with the similar issue.

What is it that you can now do? Well, you should learn about what is debt consolidation and how it can help the situation you find yourself trapped in.

Think it through…

Before you decide to let the credit card debt consolidation help you, you first need to think about a few things. It is not going to be a piece of cake, so you should think it well and know what you are signing up for.

Firstly, you need to know how much debt you have on your shoulders. Grab all the credit cards and their statements that you have, and add it all up.

Next, you should do the math and find out exactly how much money you can afford to pay the creditors without falling off the edge.

You must also not forget about the APR window. The longer your APR duration, the more time you have to yourself to pay off the debt.

0% APR is attractive, but is it?

You might wonder that 0% APR would mean you got it the easy way. However, it is not free. The catch here is the balance transfer fee. With every balance that is transferred, you will have to pay 2 – 5% of the amount of transfer done.

To avoid any inconvenience, start living on a budget and let the debt consolidation plan get you out of the swampland that you are stuck in.

Consider a personal loan

When considering your options, you might want to look at the option of getting a personal loan to pay off your credit card debt. Although, this will mean that you cannot enjoy the benefit of 0% APR, but the fixed interest rates will be manageable for you.

Credit counselors

Finally, you come down to professional help. Get hold of some credit counselors and find out the most reliable and reputable one, who can get you out of the trouble and give you the best possible options keeping in mind your current situation, credit history, etc.

The credit counselors will look at your financial situation in great detail, and come up with a customized plan with conditions that suit you well. However, you must make sure that you choose a reliable person for that matter who does not fool you and knock you out at the end. Good luck!

Published by sandeep Malik