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Credit Card Debt Consolidation

Most individuals who have multiple credit cards find themselves carrying multiple balances throughout the year. Since the balances can belong to different credit providers, they may come with different interest rates attached. This can result in varying fees being added onto your monthly balances, increasing the amount of debt you own. This is where credit card debt consolidation can help. Here we will discuss the benefits of credit card debt consolidation and whether it is the right option for you.

 

What is Credit Card Debt Consolidation?

When multiple credit card debts get out of hand, credit card debt consolidation can be a much needed solution. If successful, it would allow you the ability to pay off all of your credit card debts simultaneously. Afterwards, you would only need to make payments on the loan you used to eliminate your credit card debts. Ideally, you would only have one debt to deal with after all is said and done.

 

Credit Card Debt Consolidation Success Rate

There is a main reason as to why a credit card debt consolidation plan may fall through, and that has to do with your ability to obtain a suitable consolidation loan. In regards to the type of loan you can use, the less of an interest rate it has the better. This would be determined by your credit score. The lower your credit score, the higher the interest rate would be. A low enough credit score might keep you from getting a decent loan altogether.

Credit card debt consolidation can be extremely helpful for those who maintain a great credit score. While having a low credit score doesn’t necessarily mean that you won’t be able to get a credit card debt consolidation loan, it can severely limit your options. It helps to know what kinds of loans you’ll have available to you before you decide to apply.

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Completing a form on this site does not enroll you into a debt relief program. If you do enter into a debt relief program with Guardian, your program may last 24 to 48 months. Clients who are enrolled in a debt relief program may realize savings at the completion of the program including applicable fees. These figures are based on enrolled unsecured debts, and may vary depending on your individual debt relief program. Completion rate of the program is not guaranteed, and is based on the client’s ability to make timely monthly payments. There is no guarantee that we will lower your debt by either amount or percentage, or that you will be debt-free at any set time. We do not make monthly payments to creditors, take on consumer debt, nor do we provide credit repair services, or bankruptcy, tax, legal, or accounting advice. Contact a tax professional for tax advice and consequences of debt relief. Contact a lawyer to discuss bankruptcy options. Our debt relief services are not available in all states. Depending on your location, we may be able to recommend tax professionals or attorneys to assist you. Any use of the term “debt-free” or “debt freedom” on this site or by any Guardian representative, refers only to unsecured debt enrolled in our debt relief program—and does not relate to or promise any relief from secured debt and/or unsecured debt not enrolled in a debt relief program. Please understand the benefits and consequences of enrolling in any debt relief program, including potential negative credit rating impacts.
Lifeline Debt Relief, Inc. d/b/a Guardian Debt Relief.
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