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Is Consolidated Credit A Good Idea? What You Need To Know

Is Consolidated credit a good idea? Are you aware of all the information regarding consolidated credit? Dealing with credit card debt is a constant struggle and a cause for financial strain. Also, the numerous offers from credit card and other financial companies can easily overwhelm you. Some will offer low-interest rates for some time when you transfer the balances from other credit cards. Other organizations will offer credit card consolidation loans to help pay off your high-interest balances. Whichever path you choose must ensure that you can lower your interest rate, to eliminate credit card debt faster.

consolidated credit

What You Need to Know About Consolidates Credit

The consolidated credit strategies can only be effective under controlled circumstances. You must extensively plan for changing the spending and saving habits that built up credit card debt in the first place.

Secondly, you must choose wisely. You must avoid plans and consolidation loans that may cost you more money in the long run and make it harder to pay off your debt. Striving to eliminate credit card debt should be a top priority for anyone who has fallen behind on their payments. It’s important to remember that, no matter what caused you to accumulate debt, there are steps you can take now to start digging your way out.

Thirdly, professional help can work wonders, especially when it comes to more complex financial matters such as this.

Behavioral Changes for Successful Consolidated Credit Efforts:

  1. Budget Your Life.

    Are you efficient in your spending ways? Implementing a budget is the most basic step to start. Implementing a budget is the best way to determine how you’re using your money and see where you can cut back to save extra. You can use resources such as ACCC’s budgeting worksheet to start.

  2. Make Hard Choices.

    Making a budget is the first job. You also need to make sure you commit to stick to a plan and cut spending to maximize your consolidated credit efforts.

  3. Stop Borrowing!

    Now that you have mapped out your budget and have a plan to cut unnecessary spending, you should be able to stop relying on credit cards. The only way to get out of debt is to stop using your available credit.

First Steps to Go About Handling Consolidated Credit

  • Contact a credit counseling agency to help understand your consolidated credit options. What will your cost be? What additional debt counseling advice do you need?
  • Choose the best consolidation option that will work with your particular financial situation, keeping in mind the terms and costs discussed with a counselor.
  • Review all terms and conditions of your consolidation option before you move forward.
  • Make the official commitment and follow through on your obligations.

How Can ACCC Help You With Consolidated Credit?

The trick with these approaches is to learn how to consolidate credit cards to pay down your debt. Living within the means is a major component of the entire process. Figuring out how to consolidate credits and keeping your spending intact is crucial to success. Credit card loan consolidation also frequently does not bring the kind of debt relief you might think. This is because consumers do not know how to consolidate credit cards in a way that would let them get out of debt.

When you want to know how to consolidate credit cards effectively, contact the certified credit counselors at American Consumer Credit Counseling (ACCC). Through a free credit counseling session, we can help you understand whether credit card consolidation is the right option for you.  We can help you understand the pros and cons of credit card debt forgiveness, debt management, credit card debt negotiation and other ways to pay off your debt.

What is the Best Way to Consolidate Credit?

The best way to consolidate credit card debt varies by individual. It depends on your financial situation and preferences.  For some, the best way to consolidate debt may be paying off smaller balances first. Then you can keep adding those payments to the bigger bills until those are paid off.

Others might consider transferring balances to one credit card.  Or what works best might be getting a consolidation loan. However, consolidating balances to one credit card or using a loan can be risky. This is because, if you need to borrow additional money, it may be tempting to use one of the accounts with a zero balance. Then the debt grows, and you can find yourself in financial trouble quickly.

You can avoid falling into debt before it happens. However, here are some tips to achieve this:

  • Keep balances low to avoid additional interest and pay bills on time.
  • It’s OK to have credit cards but manage them responsibly. This maintains a history of your credit report. Those who have no history of credit cards are considered bigger credit risks.
  • Avoid moving around debt with a credit consolidation loan. Instead, pay it off.
  • Don’t open several new credit cards to increase your available credit. You run the risk of accumulating more debt, which you may not be able to repay.

Financial hardships can happen because of many reasons. It might be due to job loss, medical conditions, divorce or any other major life event. For any reason, if you have problems making ends meet, then you should contact your creditors or a legitimate non-profit agency that specializes in credit counseling services for assistance.

You are more likely to see how consolidated debt can help relieve the burden of financial stresses. The longer you wait, the more challenges you’ll encounter. Consolidating debt is often your best alternative in these situations, and a counselor can help you with the process.

Can A Debt Management Plan Be Your Solution?

Getting onboard a debt management plan with a reputable agency such as ACCC is an effective solution for consolidated credit. Under this arrangement, instead of taking out a new loan to pay off your various debts, you’ll consolidate all your monthly payments to credit card companies and other creditors into a single payment to ACCC. The professional at ACCC will make your credit card payments for you. This helps to simplify your life. This way you have only one payment to make each month. The negotiations between ACCC and the creditors can help reduce interest rates and finance charges on your behalf. In the long-term, this helps minimize the amount you owe so you can pay it off more quickly.

If you are seeking help with credit cards speak with a certified counselor today. Call 800-769-3571. 

ABOUT AUTHOR / Dilini

Dilini is a Marketing Communications & Programs Associate at ACCC. To anyone, managing finances can be a real challenge! Any tips and tricks to help get through this are great! Dilini will share her experiences, tips, and tricks along the way through the Talking Cents blog. Stay tuned!

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