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Credit counseling services provide various resources to help solve your money problems.
From starting a budget to educational programs on money management, counselors discuss your entire financial situation and help you develop a personalized plan.
If you are thinking about debt consolidation, you might want to first consult a non-profit credit counselor.
Many people get into debt because they can’t afford to make monthly debt payments on top of paying for daily living expenses.
One of the main goals you have when you consolidate credit card debt is to reduce or eliminate the interest rate applied to your debt.
When your interest rates are as high as 20% or more on credit like rewards credit cards or store cards, most of each payment you make goes to paying off interest accrued each month, rather than eliminating the actual debt.
If you need help getting out of debt, you are not alone.
If you have multiple credit card accounts or loans, consolidation may be a way to simplify or lower payments.This helps eliminate mistakes that result in penalties like incorrect amount or late payments.There are three major types of debt consolidation: Debt Management Plans, Debt Consolidation Loans and Debt Settlement.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.