Do You Want To Consolidate Credit Card Debt Into Loan Payments?
With the average household debt increasing year by year it is not surprising that there are more people looking to consolidate credit card debt into loan payments each month instead. This is more than understandable as to pay off the average household debt paying the minimum payment each month would take 30 years.
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If you ask single Americans in their 20s or early 30s what their biggest financial worry is, most will probably answer credit card debt. Bilker shows them the formulas for digging out of the credit-card hole--methodically, systematically, and with a minimum of confusion. Surprises abound, including Bilker's advice against cutting up one's credit cards--after all, one may need that credit line in case of emergency. He also advises against paying off one's credit debt with savings, opting instead to use budgeting from salary and letting that savings grow untouched. If used correctly, this book could be a big help to those experiencing a rather common burden. |
Credit Card & Debt Management: A Step-By-Step How-To Guide for Organizing Debt & Saving Money on Interest PaymentsThe 30 year number isn't one that I just pulled off the top of my head it is fact. Fact that if you continue to pay off that minimum amount each month and don't use your card you could end up spending a large chunk of your life putting expensive meals on credit card company shareholders tables!
By taking the decision to consolidate credit card debt into loan payments you are better off and in a stronger financial situation straight away. How do I know this, well the period of a loan is just that it is the length of time it takes you to pay off the money you borrowed. So if you borrow the money over 5 years then that is how long it takes you to pay it back!
So how do you consolidate credit card debt into loan payments? Well this is pretty simple as well. You need to shop around a little to ensure you get what you are looking for, there is nothing worse than signing an agreement to discover that you are stuck with something you didn't want for the next 5 years (or longer depending on the loan). So shop for a loan, get quotes from different companies then make your decision from there.
Important note to remember is that you are in the driving seat take your time don't be talked into signing something there and then at that moment in time. If you are a sucker for a sales pitch and need to avoid pushy people telling you how much better off you will be if you take out THEIR loan then get the quotes online!
Try not to use an agent to get the loan. They will put a percentage on the arrangement fee and you will have to pay it back, try and go direct to the loan company where you can.
Take your time, I know that if people are pushing you for payments then you need to get them off your case but if you rush you might again end up with something that you do not need or want!
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