Best Credit Card Consolidation Loans

January 16, 2012

Best Credit Card Consolidation Loans

There are various factors that go into finding the best credit card consolidation loans for you and your particular debt situation but the first thing you want to comtemplate is whether you really want to use consolidation for your debt/bills as there are various different debt relief methods. The situation in which credit card consolidation is best is when one is having trouble making their even their minimum payments as well as are paying high interest rates in which the minimum payment is only really covering the interest, and maybe a small amount of the total debt. Debt consolidation can both lower interest and provide you with a fixed interest rate not variable like credit card lenders, as well as provide you with a lower overall debt total, if you find the right loan and lender.

Credit Card Consolidation Loans

How To Find The Best Credit Card Consolidation Loans

The easiest method known when it comes to finding the best credit card consolidation loan for you is to use complimentary online quote in which many lenders offer on their websites. Now you can shop around and get one online quote after another, but an more stress free method is at your avail, known as side by side comparisons which a website will allow you to get a feel for the rates of and terms of a host of different credit card consolidation providers. A couple of other tips that can help you on the pursuit of finding the best credit card consolidation loans include:

  • You will also want to contact your states Department of Banking in order to make sure that the credit card consolidation company that you are looking to do business with is licensed and providers fair services. The Better Business Bureau also keeps a tab on whether companies are reputable or not giving them different ratings depending on how good they are.
  • Read the fine print! Make sure the terms and conditions are exactly as stated before you sign anything.
  • The best consolidation loans for credit cards can also often be found with non profit consolidation companies. But many pose that they are non profit so you will want to verify their non profit status which can be done by contacting your states Department of Banking and/or asking them to provide non profit verification which will come in the form of the variation: (501(c)(3)).
  • Ask for a complimentary counseling session in which you and the credit counseler will go over how credit card consolidation will benefit you more so than your current debt situation, or if a different form of debt relief is a better option.

Best Credit Card Consolidation Loans – Alternatives

If you are looking for the best credit card consolidation loans, but happen to have one credit card that has an interest rate that is considerably lower then the rest of your cards interest rates, you can also consider doing a balance transfer in which you transfer all of your debt to one card allowing you to pay on a lower interest rate which will equate to more money going towards paying off your actual debt. If you go with this debt relief method, you will want to keep in mind that credit card rates are variable and can change on you pretty much at any given moment. You can also try to find a credit card that has zero interest for a period of time in which you can transfer your debt to that card and do everything in your power to pay off as much of the debt as possible during the zero interest timeframe.

 

 

Category: Credit Card Consolidation

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