Consolidating Credit Card Debt – DIY Steps and Guidelines
You’re not alone when it comes to debt problems. Mainly in the US alone, statistic has shown on an average a person owns 8 credit cards with an average of $9340 in debt. With 18-25% interest rates in their credit cards and for this reason debt has grown at a pace of 5% each year.
Across the whole nation with an increase with credit card debt problems, because of that there are also an increase and fast growing of debt consolidation companies and services appearing. These companies normally will offer you easy, simple solutions to help and assist in battling your credit card debt troubles but of course it comes with fees or charges.
The only way to avoid these fees or charges is to consolidate credit card debt by yourself knowing that you’re diligent enough and you know what ‘s your financial health.
In order that you can consolidate credit card debt yourself. You’ll need to talk and negotiate to your creditors in order to lower interest rates, also late payment fees which is the common cause of making the biggest barrier to clear up your debts. When done, you then have to draft a budget plan and you should follow that plan diligently.
In that being said, certainly there are more that to consolidate your credit card debts by yourself. The following are three useful resources that will help you to consolidate credit card debt yourself:
The Database of Creditors:
Write down and make a good list of creditors containing their contact details and very importantly include the creditor’s standard debt settlement policies. By knowing the policies of your creditors will really help improve or increase the chances of a successful negotiation with your creditors.
A Guide For Debt Consolidation Letters:
Provide list of letters along with standard formats written to creditors in different occasions and purposes. You should see the creditor’s mailing guidelines to assist you in contacting your creditors, this is useful especially for those who might find it hard to pen proper letter.
Using Debt Calculator:
By using an interactive and advance debt calculator lets you solve, sum up the difficult related calculations within few clicks. You can use this type of tool and calculate monthly payment to assist you in drafting your own budget plans.
When you consider consolidating credit card debt, you should remember that self discipline is really important. You should make sure of it that you are committed to your budget plan. Now that you know the advantages of debt consolidation, you should also know the disadvantages. What is debt consolidation and what others do not tell you? Follow the links given above to get a better more understanding about debt consolidation and see our best methods when it comes to consolidating credit card debt.
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