Consolidating all debt
It’s typically considered for people who have high consumer debt.
But most of the time, after someone consolidates their debt, the debt grows back. They still don’t have a game plan to pay cash and spend less.
This helps eliminate mistakes that result in penalties like incorrect amount or late payments.
There are three major types of debt consolidation: Debt Management Plans, Debt Consolidation Loans and Debt Settlement.
These are not quick fixes, but rather long-term financial strategies to help you get out of debt.
When done correctly, debt consolidation can: There are several ways to consolidate debt, depending on how much you owe.
If you need help getting out of debt, you are not alone.
Although signs show an upturn in the economy, many Americans are deep in debt, and not everyone can work overtime or a second job to pay down that debt.
Ideally, that new debt has a lower interest rate than your existing debt, making payments more manageable or the payoff period shorter.
Debt Consolidation without a loan is an innovative solution by In Charge Debt Solutions.
We take the work out of debt management through debt consolidating: combining your payments into a single, predictable monthly payment. The average credit card interest rate is around 15% APR.
You’ll need a good to excellent credit score — above 690 — to qualify for most cards.
Make a budget to pay off your debt by the end of the introductory period, because any remaining balance after that time will be subject to a regular credit card interest rate.