Credit Card Consolidation 101

Credit Card Consolidation 101

By: Elise Gray - Posted in:
Student learning to consolidate her credit card debt

Why Credit Card Debt Consolidation Can Help You Financially

Learning about credit card debt consolidation can be an intimidating topic, but it’s necessary. People who are up to their ears in credit card often struggle as they attempt to find their footing. Some people take on extra jobs while others stop paying them all together. The problem with credit card debt is that the balance snowballs. According to a study by Credit Card Debt Statistics, the average American household’s revolving credit card debt has been steadily rising to 38%. Want to learn how to consolidate credit card debt on your own? You’ll get the gist of it as we go over various credit card debt consolidation companies and practices.

What is Credit Card Debt Consolidation?

Credit card debt consolidation is when you take the total balances of your credit cards and then apply for a loan totaling that amount so that you can pay them off. The new loan will secure that you have the same amount of debt, with less interest and single monthly payment. Instead of dealing with several interest rates, all snowballing out of control, you can pay off the debt steadily. If you use our budgeting tips and tricks, you’ll probably pay your debt off faster!

How to Consolidate Credit Card Debt on Your Own:

If you want to know how to consolidate credit card debt on your own, we’re here to tell you that there’s a way. You can fix your credit yourself. The process is much more straightforward than it appears. For starters, you’ll have to assess what your credit score is. You can use Credit Karma to make an educated guess or request a copy of your credit report from Equifax. However, be aware that any hard inquiries do drag the score down, and you need a higher one to qualify for individual loans. Once you have an idea of what your score is, tally up the total of your credit cards and find a reputable company for credit card consolidation.

Credit Card Debt Consolidation Companies

There are various financial institutions and organizations dedicated to helping people consolidate their loans. If you have moderate to bad credit, you will be happy to know that there are still options available to you. In fact, we’ve composed a list of debt consolidation companies who help people just like you. You can either opt for a personal loan through lenders like Upstart or apply for a loan through your local credit union! You’ll be happy to know that there’s plenty of options available. After you consolidate your credit card debt, try to keep up with your budgeting, so you don’t become overwhelmed again.

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