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Our Debt Consultants will be in touch with your quote as soon as they receive your submission.

What is Credit Card Consolidation?

Credit card consolidation is a program that helps card users who have fallen behind, or are in danger of falling behind in their payments. Many companies and organizations offer such services with the fees paid either by the client or the debt collector. In order to qualify for credit card consolidation, you should be in a fair amount of financial distress so that your creditors will be willing to compromise on your payments.

The credit card first arose in the 1950s, and over time these cards became an integral part of American consumer life. Eventually, credit card debt also became a major consumer problem. In order to address the increasing number of people having problems with excessive debt, credit repair organizations were developed. These organizations help consumers in a number of different ways including:

Credit card consolidation
Debt settlement
Personal finances counseling
Consolidation of other types of unsecured debt
Debt consolidation loans

How credit card consolidation works

When you have a large number of credit cards, a debt consultant will agree to handle all these accounts after reaching an agreement with your debt collectors. The consultant will contact all the credit card companies, or the collection agencies handling the debts, and negotiate new terms on your behalf. Once a settlement is reached, the consultant handles your business with the collectors including making sure each one is paid. You are only responsible for a single monthly payment to the debt consulting company. The new terms of the credit card consolidation replace the old contracts that one entered into when applying for the credit cards. Your debt consultant will negotiate lower monthly rates and an overall reduction in your loan balance. You may also receive lower interest rates, and waiving or reduction of late payment fees and similar penalties.

Repairing your credit

If you have fallen behind in your card payments, your credit rating has likely suffered. With a credit card consolidation, you will begin making payments again under the new terms, and gradually you will repair your credit record. This alternative avoids the long-term damage caused by a Chapter 13 or Chapter 7 bankruptcy. Also you can avoid possible legal action by your debt collectors who may try to garnish your wages, or obtain some other court order.

1st-debt.com

As one of the nation�s recognized credit card consolidation companies, 1st-debt.com has helped clients across the country renegotiate their unsecured debt contracts. Our company is accredited to best practices in the debt settlement industry according to the definitions of The Association of Settlement Companies (TASC). We have a proven system and track record that allows consumers to gain financial independence without hassle. In fact, we guarantee you a no-hassle consultation process.

Credit card consolidation offers consumers a way out of debt much faster than they may have thought possible. To see if you qualify for our services, please contact one of our credit card consolidation experts today using our online form, or by calling our toll-free number.