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Credit Card Consolidation and other options

Credit card consolidation is one of a number of options available to consumers who are having trouble paying their debts. The process involves reaching a settlement with your credit card companies, usually through third party negotiations. You should consider credit card consolidation when your debt has become quite substantial and your financial situation is causing hardship.

If you qualify for credit card consolidation, you can seek help from a debt relief company, or negotiate with credit card companies yourself. If you seek help from a company, a consultant will sit down with you to analyze your debt and finances. They will then offer a proposal to lower your debt along with a quote for their services. Once you have agreed to their proposal, they will begin talking to your debt collectors about lowering your monthly payments and the outstanding principal on your credit card bills. The idea is to combine all your different credit card bills into a single monthly payment. Other benefits may include:

Lower interest rates
Waiving late fees and penalties
Credit card consolidation company handling debt collector calls and letters

Other options

In addition to seeking help from third party companies and organizations, you can attempt to conduct credit card consolidation talks with debt collector companies on your own. You should do some research on this subject first to make sure you know what is achievable and what is not. Also, you will want to become familiar with all the pertinent laws, and your legal rights as a credit consumer.

Managing your personal finances

Another option to credit card consolidation is to review all your expenditures and borrowing habits in order to continue paying off your debts without any new settlement. In this instance, you will reduce unnecessary spending to free up money for your credit card obligations. Of course, you will also need to stop borrowing new money until you get your finances back in order.

Filing for bankruptcy

This is perhaps the least attractive option to credit card consolidation. You can file for Chapter 13 bankruptcy, which involves a set repayment plan but allows you to keep your property. A Chapter 7 bankruptcy allows your collectors to take your non-exempt personal property to satisfy your debt obligations, but after that you are free from debt. The problem with either form of bankruptcy is that your credit record suffers for 10 years in which time you will have difficulty borrowing money for any major purchases. You might also experience some difficulty finding a job with a bankruptcy on your record.

Credit card consolidation might be the right option for you if you meet all the requirements. Our debt consultants at 1st-debt.com can analyze your financial situation and recommend the right course of action for you. We are an experienced firm with accreditation that surpasses industry standards for best practices as established by The Association of Settlement Companies. Call us today to find out whether credit card consolidation is the right solution for you.