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The Basics - Credit Card Debt Consolidation

Monday, July 13th, 2009 Subscribe To Our Feed

Credit card debt consolidation is a term that gets thrown around on TV a lot. Once you understand what debt consolidation is and how it is accomplished, it is very likely you can accomplish the same goals and get the same benefits without paying anyone an excessive fee.

First, if you want to get all your debts taken care of in one shot you can use bankruptcy. This is a last resort and is not recommended unless you are in a very desperate situation and you really cannot see any other way out. When you file for bankruptcy you get a fresh start, but it will ruin your credit for the better part of 3 years. This will stick with you for at least 7 years as well so keep this in mind.

They might also ask you to get a second job or if your spouse does not work they will ask that they start working to help bring in more money that can be used toward your bad credit debt consolidation.

If this does not sound like a good option for you, then you need to know that you still have other bad credit debt consolidation options. You can use bankruptcy, which should always be a last resort. This is for those that have so much debt that they just cannot see any other way out and they just have to get a fresh start. It will stick with you for about 7 years and ruin your credit for about half of that time, but it will get you back to a debt free life.

Start a diary of your debt where you document each card you have, what the interest rate is, what your credit limit is and what your minimum payments are and when those payments need to be made during the month.

Then, they will combine all your creditors into one monthly payment that fits your budget along with their fee. This will be paid to them monthly and they will split it up for you and pay all your creditors. You can be debt free in less than 36 months with this option.

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