If you’re carrying a high number of credit card debts, you might want to consider a consolidation loan to pay off your balances. Such a loan leaves you with just one payment (the loan) instead of several (to your various credit card companies). This has the obvious bonus of reducing not just the number of payments you have to make, but the overall amount of interest that you’ll be paying as well.
Before you decide consolidation is right for you, however, you need to bear in mind these four tips:
The bottom line is that credit card consolidation is a viable option for some, but not for everyone. You should also know that sometimes banks are reluctant to provide consolidation loans to clear debt that is owed to other banks. If you do undertake a consolidation loan, you should do so with the support of a certified credit counsellor, who can help make sure you make a success of it and put you on the road to a healthy and secure financial future.
For more information on credit card consolidation—or to find out what your other options for financial relief might be—call us today for your free, no obligation consultation: in Ottawa call 613-237-5555; out of town, call toll-free 1-800-517-9926 or book online.