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Consolidating Credit Card Debt 101: Pros, Cons, And Everything You Want To Know

Consolidating Credit Card Debt 101: Pros, Cons, And Everything You Want To Know

What are the pros and cons of consolidating credit card debt?

This is a good question. With the recent economic situation in America, many people have been unemployed and are struggling to make minimum payments on their credit card debts. As a result, they have accumulated a lot of credit card debt that they no longer can afford to pay. Consolidation allows them to combine all their debt into one low monthly payment with a much lower interest rate.

what are the pros and cons of consolidating credit card debt

There are some cons associated with this process as well. If you find yourself in a situation where you need to start consolidating credit card debt for bad credit, be sure that you do some research on your options.

Finding a good consolidation company

Some consolidation companies charge very high fees and interest rates and do not provide a lot of flexibility or choices when it comes to repayment programs. Other companies will give you a low interest rate, but it might not be enough to cover what you owe.

When you work with a consolidation company, make sure that you fully understand all of their terms and conditions. Make sure that you understand how much of your monthly payment goes towards your principal debt and how much goes towards interest. Do not sign any document if you do not completely understand what is required. If you are going through a serious financial crisis and are struggling to make even minimal payments, you should seriously consider going with a consolidation company.

Once you decide on a consolidation company, you may wish to also work with a credit counselor to help you get your finances back under control. They can be quite helpful in discussing your credit card bills and working out a plan to lower your monthly payments and eliminate up to 30% of your total debt. Using a credit counseling service is often a good alternative to having to file bankruptcy. They can also give you advice on how to avoid future credit card problems and keep your overall debt as low as possible.

Debt consolidation for low credit score

It is important to understand that there are options available to those with low credit scores. Consolidation companies do not always offer the best rates. In fact, some credit card companies actually encourage customers to consolidate their debt because it reduces their risk of defaulting.Credit Card Escape

That means that they will receive less money if they have to repay a debt. Also, keep in mind that this is only an option for those who can truly afford to pay off their debts without assistance. For people in this situation, consolidation is not the best option.

Balance transfers with low interest credit cards

The best low interest credit cards for balance transfers that are available to consumers are from one of the new entrant’s to the consolidation business. These companies usually charge reasonable rates and some have no minimum monthly payment. They also offer the convenience of one low interest rate with multiple flexible repayment schedules and payment plans. This makes it easier for people to pay their balances off and rebuild their credit scores.

To find the best low interest credit cards for balance transfers, try and get at least three consolidation quotes before making your decision. Do not take the first offer that you are given. Make sure you compare the different offers because rates and fees vary widely between companies.

Look for a company that has been in business for a while and has good, solid statistics. A long-term history of helping people consolidate their debts can go along way in determining which company you wish to work with. The longer the consolidation company has been around, the better.

When you have found the right consolidation company and are working with them, make sure you follow through with your plan to pay off your debt. If you do not follow through, you may find yourself in deep trouble again. Remember, if you do not stay current on your payments the companies are not obligated to offer you more credit. Stay current with all your payments and your credit will be back on the right track in no time at all.

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Eliminate Credit Card Debt Quickly

If you keep balances on your credit cards month after month, paying off that credit card debt quickly may be easier than you think. The key is to develop a good plan and stick with it. These four strategies can help you decide what actions to take to quickly pay off any credit card debt you may have.

Review Your Budget

Popular Means Of Payment

Get accepted almost everywhere, no need to find an ATM, fraud protection is available, and even offer rewards.

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Credit Card Escape
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Credit Card Escape

Highest Interest Rates

Prioritize The Repayment Of Cards

Your credit card company is required to show it to you on your statement so that you can see how it applies to your account.

  • Make A Balance Transfer
  • Make More Than The Minimum Required

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Make A Plan To Eliminate Your Debt

Decide What Actions To Take To Quickly Pay Off Any Credit Card Debt

Lower Interest Rate

The competition between credit cards is very strong, and it is more interesting for the issuer to lower its rate than to lose you as a customer.

Consolidate Your Debt

Pay off your debt faster. Debt consolidation is a personal loan from a bank to pay off all your debts.

Speed Up Your Payments

Why wait to receive your monthly statement to pay off your credit card.  Know that the consumer proposal may be the best solution for you.

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Credit Card Escape

Combine And Beat


If you decide to consolidate, keep in mind that it is very important to control your expenses to avoid accumulating new debt on top of the ones you just consolidated.

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Services We Provide

Get Rid Of Your Credit Card Debt Without Paying A Fortune

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Your Business Needs To Change

Our team of experts is here to help your business get back to business.

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Business Owners Are Resilient

While 68% of business owners have been affected by the aftermath of COVID-19, 75% are confident their business will recover.

Consolidating Credit Card Debt

We Help Entrepreneurs Achieve Their Goals

Focus on your new business, and we’ll take care of the banking. From opening an account to managing your cash flow, we meet all your needs.

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Grow Your SMEWith Affordable Credit

Separate your expenses from those of your business, build your business credit history and enjoy low-interest rates.

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Manage Expenses

We make it easier to track and control the expenses incurred by each employee, give employees more autonomy and provide even more security to the payment process within your company. There are, however, several types of payment cards, which is a real challenge for CFOs and business leaders who are always looking for the best means of payment for their employees.

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Credit Card Escape

Evaluate The Precise Needs

New Payment Method

If your employees go on business trips abroad regularly, it is recommended that they use an international card that ensures payment in foreign currency.

When Bank Cards Become Credit Cards

Eliminate Debt on a Human Scale

To compete with specialized financial institutions, banks offer some of their customer’s payment cards that include a revolving credit option. Like all credits, those linked to cards should be used with care.

Immediate or Deferred Debit Cards

Your choice of corporate bank card also depends on the payment term that suits you the most. However, they are generally more expensive than immediate debit cards.

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Change Bank, Transparently

Transfer your deposits and pre-authorized debits to your new account, free of charge in a few easy steps, online using service. Would you prefer us to make the switch for you? Do not hesitate to stop by one of our branches. Set up direct payments to your credit card while we report the transfer to any vendors you have authorized for pre-authorized debits