However, there are specific instruments called debt consolidation loans, offered by creditors as part of a plan to borrowers who have difficulty managing the number or size of their outstanding debts.
Creditors are willing to do this for several reasons – one of them being that it maximizes the likelihood of collecting from a debtor.
One is to consolidate all their credit card payments onto one new credit card – which can be a good idea if the card charges little or no interest for a period of time – or utilize an existing credit card's balance transfer feature (especially if it's offering a special promotion on the transaction).
Home equity loans or home equity lines of credit are another form of consolidation sought by some people, as the interest on this type of loan is deductible for borrowers taxpayers who itemize their deductions.
The first thing to determine is how long it will take you to pay off the credit card at its current interest rate at the payment amount you plan to pay each month.
Then, determine how long it will take to repay the installment loan at the payment amount you will be required to make.
), we recognize that our site does not feature every card company or card available on the market.Neat and organized, new clients should have no problem finding answers to questions or a plan to meet their needs.Cura Debt offers a wide range of credit card consolidation and debt counseling services.And, with interest rates and late fees, its not unusual for people to get in over their heads.Credit card consolidation helps consumers to better manage their debt and get back on solid financial footing once more.