If you are a homeowner and like to go with a secured loan your interest rates are generally lower. Since credit card debt consolidation loans often carry lower interest rates, your monthly payments can be less as well. You will also only need to make one payment to a single creditor. You can also hire professionals to get a one-stop solution for all your Debt counselling needs online.
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Balance Transfers Are Not The Same As Debt Consolidation
Balance transfers are not a permanent solution. Sometimes a lower APR is just a temporary introductory rate. Often balance transfers are subject to fees which are either a percentage of the amount transferred or a specific dollar charge. Balance transfers are easy and convenient but just amount to moving your credit card debt around.
Homeowners Have Additional Options For Loans
If you are a homeowner one option is to refinance your first or second mortgage and use the extra cash to pay off your higher interest rate credit card balances. An important fact to consider is that this converts your unsecured credit card debt into secured debt.
Finding A Card Debt Consolidation Loan
A great way to find a credit card consolidation is to look online. Just type "credit card debt consolidation loan" into Google or your favorite search engine. Many of the consolidation loan providers will allow you to apply online for faster approval.
With Good or Bad a Credit a Consolidation Loan is Not Without Risks
Taking out a credit card debt consolidation loan is not without risks. Investigate a debt consolidation company before you sign anything. Beware of extra or hidden fees. Check on the loan provider with the local Better Business Bureau.