Credit cards can often be easy to get but difficult to pay off. Even if the requirements have become stricter in recent years, there are still people trying to recover from credit card problems they started getting 5 or 6 years ago, and live in a state with a longer period (7+ years) of statute of limitations. Whether you live in such a state and still fear getting sued, or have more recent problems, you might be considering a credit card debt consolidation loan.
For unsecured debt relief, much like other professional services, it’s essential that you do things right. You’ll need an experienced team from a reputable company with decades of practice and a lot of positive reviews. Any complaints should have been resolved.
Before you apply for a consolidation loan, it helps to have a rough estimate of how much you need to borrow. Individuals with a high number of credit cards can sometimes lose track of how much they owe – especially if some of those debts have already been sold to third party collectors. The interest rate will continue accumulating more and more as the months go by, and before you know it, you owe 2 or even 3 times as much as your line of credit was worth in the first place. To the bet of your ability, tally up the current debts that you wish to consolidate.
Organize Before Applying for a Credit Card Debt Consolidation Loan
DON’T apply for a credit card debt consolidation loan if you don’t yet have everything organized. You should be prepared to pay the loan back. If you’re not 100% sure that you already have a plan in place to pay back the loan, it might not be worth getting. You could just end up making your situation even worse. A consolidation loan itself can just wind up as new debt on top of your current debts. Not only should you have a repayment plan set in place, you should choose a company that will help you keep everything organized and will simplify the process as much as possible.
When searching for the right company to help you get out of debt, make sure that company has necessary accreditations. They should be regulated by associations such as the International Association of Professional Debt Arbitrators and the American Fair Credit Council.
It’s a good idea to go with an organization that has been around since at least 2000 when applying for a credit card debt consolidation loan. One such company is CuraDebt, which has helped hundreds of thousands of people for nearly two decades. You can even get a free consultation as soon as you have your documents and information ready to go.