Who would not simply love to receive fewer bills at the end of every month and at the same time save money? Doesn't this sound very familiar to you? But simply carrying out the futile exercise of consolidating all your debts into one with the lowest possible interest rate will not essentially be the key to all your financial worries. To be more specific, you will need to intricately consider every single pro and con of various options open to you, before you reorganize all your current debts and make relevant plans to cut on your monthly spending over a time period.
After selecting the most suitable debt consolidation program, ensure to maintain your total cost at the lowest possible level. Following 3 tips may help to materialize your consolidation plan:
1. Do not be tempted to unnecessarily extend the pay off period for the new loan to its maximum limit. You should instead opt for a plan that will enable you to come out of your liabilities within a three to four year period.
2. You must carefully read every single line of the bottom or rear-side fine print, to avoid any surprises like an application processing or balance transfer fees or other charges.
3. You must strictly ignore offers that outwardly sound simply too good.
A few tips for people who may be in a truly poor financial state.
Should you be experiencing some serious financial problems and are usually overwhelmed by the consistent load of your monthly bills, prior to doing anything else, you should take the advantage educating yourself through online debt consultations. Some good ones are free of cost, respect your privacy, and help you to interact with a live person who will discuss all your options in order top offer you the best advice. He may recommend a reputable non-profit organization for your credit counseling that will be prepared to negotiate on your behalf with any creditors.
Great Options for Credit Card Holders
The easiest method for consolidating your various credit card related debts is by calling each of your current credit card lenders in turn to ask them to simply make you a better offer. Should your customer care representative appear reluctant, ask for a senior officer of the company.
Credit card lenders are well aware of the tough competition prevailing in the market, and it is relatively cheaper to keep you rather than to switch over to a new client as your replacement, particularly if count among their 'low maintenance' clients who pays his bills regularly. When you get them on the line, ask them about your following three concerns:
1. Obtaining a new special rate for any future balances which you will transfer onto their card.
2. Obtaining a lowered interest rate on future purchases on their card.
3. Obtaining a waiver of the annual fee, if any.
2. Obtaining a lowered interest rate on future purchases on their card.
3. Obtaining a waiver of the annual fee, if any.
The pros include:
1. It only takes a call to a toll-free number.
2. You will not lose anything but may save lots of money.
2. You will not lose anything but may save lots of money.
The cons include:
1. It may fail to work, particularly if your payment record id spotty.
2. You may have to go through the hassle of getting a new credit card.
2. You may have to go through the hassle of getting a new credit card.
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