Three Options to Obtain Credit Card Debt Consolidation

Are you fed up with various credit card companies that call you every month just to harass you over your late payments? You are not alone. That is the usual complaint of consumers who fail to pay credit card dues on time. Aside from that form of harassment, you could also expect your credit card bills to get higher due to penalties and other added costs. If you own two or more credit cards, now is the right time to consider credit card debt consolidation.


You could now simplify your life and obtain necessary relief from owning various credit cards at the same time. Credit card debt consolidation could help you attain that. Interestingly, there are currently several options you could explore and consider if you intend to consolidate your credit card debts. You would not just unify your credit card debts. You could also save on interest payments and other costs. There are three options for credit card debt consolidation.

Home equity loan

The first available option is what is called as home equity loan. It is always advisable to take such a loan and use the loan amount to pay off each of your credit card debts. You could have an opportunity to incur a lower interest rate payment each month compared to how much you would be charged for paying multiple credit card bills.


Amazingly, more home equity loans are available in the market. Lenders are getting more aggressive in offering such products to win borrowers. Thus, it is wise if you could do a comparison shop to find and choose only those loans with the least interest payment requirements and costs. There would be no need to worry each month about paying several credit card bills.


Personal loans


Another option for credit card debt consolidation is through applying for and obtaining any of available personal loans. Like home equity loans, there are numerous of such products in the market today. You could have a great time comparing interest rates, costs and loan terms and conditions. If you have good credit scores, getting a personal loan with lower rates would not be a problem. If not, reconsider getting one because you may end up having another debt with a higher interest rate.


Personal loans that could be used for your credit card debt consolidation efforts could come from various loan providers. You could apply for one from any lender or other non-bank loan institutions in the market. There are also personal loans available online.


Credit card balance transfer


Another option to consolidate credit cards is through using another credit card. If you own a card that offers 0% or much lower interest rate on balance transfer, use it to consolidate your debts from other credit cards. If you do not own such a credit card, apply for a new one that offers such a feature even at an introductory basis.


Just be sure to pay your dues diligently this time. It is also advisable to double your credit card payments when you use balance transfer for credit card debt consolidation. This is to make sure you would not fall into another credit card debt trouble again in the future.