If you’re searching for “debt consolidation help,” then you probably already understand the concept. Anyone struggling with finances and getting behind on their debts should keep in mind that consolidation is one possible option for them. However, there are several others, so you need to decide which strategy is best for you carefully.
Consolidating is the act of getting a loan for paying off your debts. If you have several credit cards that you are either behind on and aren’t sure if you’ll ever be able to catch up, this loan will help you take care of all of them. First, however, you need to decide how to handle your debts as soon as possible before your credit score goes down. If it goes down too low, you will have trouble getting approved for a loan with good terms.
Getting debt consolidation help can HELP you since it will allow you to catch up on your late payments and pay the debts off immediately. Then, you will only have to worry about making the payment on the loan on time every month.
Debt Consolidation Help Is Not Always Useful
Debt consolidation is worth considering if some or all of these apply to you:
- Your total debt (excluding mortgage) does not exceed 40% or so of your gross income
- Your cash flow is enough to cover payments toward your debt consistently
- Your credit report is good enough to qualify for an extremely low-interest consolidation loan or credit card
- You have a plan to prevent getting into debt again.
The last one is crucial. Don’t just seek out debt consolidation help right now for the short term. Think about the long-term. You’ll have to go through the entire process over again if you get right back into debt after using the loan. Set those credit cards aside for a while.
There is another way to consolidate your debts instead of getting a loan; you can consolidate by getting approved for a new credit card with 0% interest that allows balance transfers. Transfer your debts into this card and hurry and pay its balance off as quickly as possible. However, to qualify for a credit card with 0% interest – particularly one with a high enough limit for the combined balance of your other credit cards, you’ll need to have an excellent credit score.
As mentioned above, there are other strategies to consider if debt consolidation help isn’t for you. For example, there is debt management, counseling services, negotiation, or even bankruptcy. Learn all about these options – and more – at CuraDebt.