Best consolidating credit card debt
If you need help getting out of debt, you are not alone.Although signs show an upturn in the economy, many Americans are deep in debt, and not everyone can work overtime or a second job to pay down that debt.Most issuers charge a balance transfer fee of around 3%, and some also charge an annual fee.Before you choose a card, calculate whether the interest you save over time will wipe out the cost of the fee.The best way to consolidate credit card debt under ,000 could be to get a zero-percent interest credit card and transfer balances from high-interest credit cards over to it.You also could look at a personal loan to pay off your balances.Many debt relief agencies offer assistance with medical debt relief, tax debt relief, student loan debt relief, credit debt relief and payday loan debt relief, some debt settlement companies even offer Christian debt relief services.However, these debt relief companies are not perfect, overnight fixes.
The option that best suits you depends on your overall debt load, credit score and history, available cash and other aspects of your financial situation, as well as your self-discipline.
"It has to make sense, and it has to fit into your overall lifestyle," Mc Clary says.
Do you pay off your credit card balances every month?
Debt consolidation is a strategy to roll multiple old debts into a single new one.
Ideally, that new debt has a lower interest rate than your existing debt, making payments more manageable or the payoff period shorter.