Credit card debt consolidation

There are many different ways to consolidate credit card debt.

In this section, we will focus on bill and debt consolidation using a personal line of credit or a form of negotiated consolidation involving your creditors rather than consolidation that involves home refinancing.

If you are interested in home refinancing consolidation, you can skip to the next section on REFINANCING. Otherwise, if you are looking to be debt free, consolidation firms are one option you should learn about.

This kind of debt consolidation is a bit of a hybrid, as it involves mostly non-profit agencies similar to the consumer credit counseling services, yet it also tends to include a form of a negotiated settlement as well, so that some consolidation agencies achieve impressive reductions in the total debt owed, and interest can be reduced as by as much as 100%.

The method of debt relief employed by these debt consolidation counseling firms typically involves taking your high-interest loans and credit cards and consolidating them into one, low-interest, convenient monthly payment through negotiation with your creditors.

This way to consolidate credit card debt tends to work particularly well for people with total debt in the $5,000 range, with a baseline of around $2-3,000 in unsecured (credit card) debt required for acceptance into these programs.

The next method of debt relief is HOME REFINANCING.