Credit cards, they are fast, easy cash when you need it. However, this is what the credit card companies count on as people quickly rack up huge credit card debts with sky high interests rates.
It’s incredibly easy to rack up a credit card bill, within the space of an afternoon you could have easy put $1,000 on it. Manypeople have multiple credit cards, which mean they have a multiple debts, with the interest to match. It is a well-known fact that credit card debt is one of the highest amounts of debt for any consumer, other than their mortgage of course. If you are struggling to pay off your credit card debt, there are solutions available to you.
One of the ways in which you can manage your debt is by consolidating your credit card debts into one easy to pay loan. In simple terms, you bring all the card balances together into the one loan and from that point forward only have one regular repayment you have to make. There are over 15 million credit cards issued in Australia alone, with a combined credit limit of nearly $140 billion, meaning the average credit limit on each card is around $9,200.
Juggling all of your different credit cards, and their repayments is difficult, especially if they all havedifferent repayment dates. By consolidating all your credit card into a single debt and repayment, it is not only possible to manage the debt but a debt consolidation loan will generally only charge you 14% compared to the average 18% on a credit card. This could save you some cold hard cash.
Consolidating your debt, makes managing your money easier, as you will have a longer period of time to repay your debt. It means that the monthly outgo on the debt repayment goes down, while improving the credit rating of the borrower. However, we would always encourage you to try and make more the minimum repayment so you can get out of debt sooner.
There are a number of ways in which you can undergodebt consolidation. You can apply to a general loan provider for a personal loan, or you can transfer the balance of your creditcards to a no interest credit card option, but we awareof the traps this might have.
Overall, there are a number of benefits of consolidating your credit card debt repayments into a single repayment. Pay close attention to the terms of anydebt consolidation company and you may be able to secure a great deal on your debt consolidation.
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