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Consolidating your Credit Card Debt

Credit card debt is a growing national problem. Companies are reporting that over 50 percent of credit card accounts are 90 days or more past due. Many Americans are finding they have overextended spending with credit cards and struggling to reduce the debt. Credit card consolidation programs provide a mean of resolving the debt in a more affordable manner. With a credit consolidation program, the goal is to take all of your loans and to combine them into one monthly payment that you can pay off in just a few years (about 3-6 years in most cases).

By consolidating your debt you can often qualify for a lower rate on the single loan because of the larger amount. Before you agree to consolidate, always do your homework to make sure the new loan isn't costing you as much or more than the individual loans were. There are disreputable companies out there that will try to avoid giving you the best rate, so shop around before making a decision and don't sign on the dotted line in an emotional moment only to regret it later. By figuring the total monthly payments you are currently making you can easily compare that to the proposed consolidation amount, thus determining which the best option for you is.

When you have a consolidation loan, it is very important that you make your monthly payments on schedule. Your payments will no longer be sent to your creditors. Instead, you pay the consolidation company who then in turn pays the creditors on your behalf. Late payments will put consolidation loan status in jeopardy and creditors may resume collection activities. This can also result in an increase in the loan interest rate.

Frequent communication with the assigned credit counselor (or "consolidation specialist") is vital so that problems or changes can be addressed quickly. This will prevent the account from being returned to collections for payment. The consolidation program will make the loan payments and reviewing monthly statements for accuracy is your responsibility. Statements should reflect a reduced interest rate and the account should no longer accrue late fees or other charges. Contact the assigned counselor regarding inaccuracies and incorrect payment amounts so these issues can be corrected.

This will ensure that the company is paying creditors the correct amount and resolve problems. There are quite a few different debt consolidation loans, and the right one for you will depend on your specific situation. Some loans have a higher monthly payment for a short period of time while others offer a lower payment spread out over several years. Let common sense prevail here and look for the loan with a monthly payment you can afford.

Some companies offer a fixed interest rate and disallow principal payments, which can reduce the loan more quickly. Look for a loan consolidation program that will allow you to pay more when you can!.

Thinking about loan consolidation? Check out and learn about Credit Card Counselling, unsecured loan consolidation and other related subjects.

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