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An Overview of Credit Consolidation

It can be very easy to fall into a stressful financial situation with debt. When there isn’t enough money coming in, you begin to find other ways to pay your bills. In some cases, you begin to use your credit cards for everything, and this can mean that you have several credit accounts that have been charged to their limits. Paying the bills every month becomes even more difficult after this point because you have more bills and so much interest is being added to your balances.

credit card consolidation can help you save money

When Is Credit Consolidation Right?

If you have found that it is hard for you to manage your debts, credit consolidation with a company like Creditguard may be the right choice for you. By consolidating credit card debt, you will save a lot of money in interest. Right now, all of your credit cards may have high interest rates. Because you are carrying a balance on these accounts, your creditors are adding a significant amount of interest every month. If you wanted to reduce your balances to zero, you would need to pay more than the minimum payment. However, this may be impossible because you have more than one debt to pay.

How Does Credit Consolidation Work?

Consolidating credit card debt will mean that your counselor will ask your creditors to reduce your interest rates. A lower interest rate is going to mean that you will pay less in interest. Your monthly payments will be lower, and you can contribute more toward the balances. The best part is that you will be able to reduce your balances to zero in less time.

The Advantages of Credit Consolidation

You may have had to make late payments, or you may have missed a payment or two, and this may be another reason that your balances are so high. When you miss payments or make late payments, your creditors add penalties and late fees to the balances. Your credit consolidator will ask that these fees and penalties are waived, so that you will not be responsible for paying them.

After you begin working with a counselor, you will only need to write your debt consolidator one check every month. It will be the debt consolidator’s job to pay your creditors for you until your debts have been paid in full.

You don’t have to do anything desperate to alleviate your financial troubles. Give credit consolidation a chance to eliminate your debts.

Debt Consolidation Programs and You: Achieving Financial Liberation

When you have problems paying off your debt, who can you call? Most people don’t know this, but debt consolidation is a great tool to help you get control of your finances and free up your money for better purposes. If you’re spending too much money paying off debt, if you’re forgetting to pay off certain credit cards or if you have to make decisions between making loan payments and paying for groceries, it is time to get help.

Debt consolidation is there for you if you want to achieve financial liberation. Just call or visit an online debt consolidation website, and you can get started today.

How Debt Consolidation Works

It is natural to be skeptical of programs that promise to help you with your finances. What do they get out of it? Why are they offering to help? The truth is that debt consolidation is the best way to stay financially solvent if you are having problems with debt.

It works thanks to a key ingredient: negotiation between debt consolidation companies like Credit Guard and your loan providers. While individuals have a difficult time negotiating lower monthly payments or reduced interest rates, credit management services work with a greater number of individuals and can use their clout to get better deals for each client. They can reduce your monthly debt payment by as much as half or even more, freeing up that money in your budget to go toward groceries, bills or saving for the future.

The second part of debt consolidation is bundling monthly payments into a single payment that you give the credit management provider. The credit management provider then pays off all your creditors. This serves three positive benefits for you. First, the consolidated monthly payment is often much lower than all of the payments you might otherwise have to make. Second, you won’t ever have to worry about forgetting to pay off a loan if you have a lot of them. Finally, the regular monthly payments of a debt consolidation company will quickly raise your credit score, making you more likely to be eligible for large purchases like a car or home.

Credit and Debt Counseling

Another part of achieving financial liberation involves getting counseling and education you need. You can get a free, one-on-one refresher course to help you with basic financial skills such as balancing a checkbook, keeping a budget, identifying bad loans, being a savvy shopper and much more. You will also learn important tips and techniques such as living below your means in case of an emergency or setting aside a rainy day fund for such an occasion.

Get Out Of Debt Today

Debt consolidation programs give you the confidence you need to live your life to the fullest. A full life has a strong financial foundation, and if you spend all your time being concerned about debt, irritated by collection calls and avoiding thinking about credit card payments, you won’t be free to do what you truly want to do. Give a debt consolidation service a call today, and get started on the first step to the rest of your life.

Overcoming the Vicious Cycle of Debt

viscious-cycleThe cycle of debt could easily become a permanent part of your life if you make minimum monthly payments. Your monthly bills for high-interest credit card debt barely cover the interest charges. You get caught in a cycle of debt by spending a large portion of your earnings on interest and having little left for living expenses. Debt consolidation could break the cycle, lower your interest rates and help you become debt-free in months.

Ways to Pay Down Your Loan Balances

Each time you pay more than the monthly minimum payment that is due, your balance grows smaller. You need to treat your credit card debt as an emergency that requires immediate attention in order to prevent further problems. When you depend on your paycheck to live, you run the risk of defaulting on your bills during an emergency or if you have unexpected expenses. Paying down maxed-out credit cards gives you a cushion for emergencies and reduces your interest charges.

Paying off high balances can be difficult, but not impossible. People get into debt because they don’t handle their credit cautiously, but you can get out of debt with Credit Guard by understanding the problem and paying down your balances. The best time to pay off credit card debt is now, before you get into severe financial difficulties. Steps you can take to pay down your balances include the following:

  • Plan a budget.
    Keep track of your spending so that you can find ways to cut expenses. You will be astonished at how much you spend on unnecessary little luxuries.
  • Tackle your debts in an organized way.
    Pay off your debts that have the highest interest first. You will gain more income each month to pay off bills and use for other purposes.
  • Use financial windfalls to pay down your debt.
    Work bonuses, tax refunds, insurance settlements and other financial windfalls become more valuable when you use them to cut your interest charges.
  • Consider debt consolidation programs.
    You could reduce your payments 40 to 60 percent by using debt consolidation. You could be free of debt in only 24 to 48 months.

Debt Consolidation Reduces Interest and Monthly Payments

Debt consolidation programs can reduce your interest, remove fees and penalties, protect your credit rating and make your paycheck go further. Nonprofit debt consolidation companies like Credit Guard not only create a custom debt management plan for you but also provide valuable debt counseling to help you make better decisions in the future.

How Can Credit Counseling Help Consumers?

The majority of people in today’s day and age are living paycheck to paycheck. And while this isn’t ideal to begin with, it makes it even harder when they have outstanding credit card debts to pay off. This is one of the main reasons why credit counseling is so sought after in our society. In the following sections, we’ll teach you more about the services that they offer as well as why you should consider it an option for your own financial future.

What Should You Expect?

So, what should you expect form a credit counseling service? Well, as the name might imply, these services will help you get back on your feet by providing you with practical and easy to follow advice for paying off your credit cards. Since they have access to a lot of resources, you’ll be able to pay off your debt in a record amount of time. As a result, you’ll have more peace of mind and be able to place more of your focus on other debts that you may have lingering around.

“Red Alert” Signs to Avoid

Always make sure that you don’t sign up for a company that is claiming that their services are an alternative for bankruptcy. The reason why is because these companies will typically do very little at helping you reduce your credit score. They won’t be able to negotiate with creditors and they won’t be able to lower your unpaid balances. And do keep in mind that throughout all of this, they will be charging your fees for their services.

Before Signing the Contract

With that being said, you should always read a contract before you sign it. There is no rush and you shouldn’t be too quick to put pen to paper. The reason why is because you don’t want to be stuck paying fees and charges that you hadn’t expected to pay when you initially signed up.

Not only will this further decrease your confidence but it will more than likely leave you off in a worse financial situation than before. Make sure that you read all papers before signing them so that you don’t accidentally agree to something you have no interest in.

Conclusion

There is no doubt that we all want financial freedom. But the good news is that we can all have it if we remain persistent and choose a credit counseling service that can truly help us and that isn’t solely after our money.

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