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Credit Debt Consolidation and How it Can Help You

By: Michael Millington

Credit card debt is a common problem that afflicts thousands of Americans every day. However, when you have multiple credit cards that get out of hand, there are ways to eliminate (or at least lessen) the debt you have. One of those debt relief methods is through credit debt consolidation. Here we will discuss how credit debt consolidation works and whether you should consider it for your debt relief needs.

What is Credit Debt Consolidation?

Consolidating credit card debt is the process of combining your debt into one obligation. Credit cards aren’t tricky to consolidate, but they can be hard to maintain afterwards. When credit debt consolidation takes place, having control over the credit cards you have will be imperative afterwards. Taking out a loan to pay off the cards you have would ideally leave you with one debt in the end. Remember that taking out a consolidation loan would require you to have adequate credit to qualify.

How Does Credit Debt Consolidation Help?

Credit consolidation has the ability to reorganize your debt. If you have multiple credit cards, chances are you have multiple due dates and interest rates. The problems that can come with harboring multiple debts can be lessened or erase through credit consolidation. Well qualified individuals who take out a consolidation loan should consider their ability to make monthly payments while leaving their credit cards alone for a while. Handled well, credit consolidation can actually have a positive effect on your credit with the addition of a loan.

What to Watch Out For…

Credit consolidation requires massive amounts of discipline to work. If you consolidate your credit cards, using them again would only increase the amount of debt you have to deal with at any one time. It might be hard to completely cease using all of your credit cards. Some of those cards might be used for emergencies or specific, necessary purchases. It might require a reworking of your monthly budget to incorporate less credit use. Again, make sure you can handle this form of debt relief before you try it.

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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.
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