Credit Card Debt Consolidation

550 Words3 Pages
With ever increasing popularity of credit cards comes with the ever increasing popularity of credit card debt. Excessive credit card debt can be discouraging and can make a person feel hopeless. However, there is still hope and help for individuals to reduce their credit card debt and improve their credit scores. Credit card debt consolidation is an important step in the right direction. Credit card debt consolidation is the process of consolidating debt from multiple cards into smaller number of cards. It is sometimes referred to as balance transferring. The process involves transferring the balances of credit cards with higher APRs to credit cards with lower APRs. This results in lower interest payments and gives individuals the ability to pay off their debt in a quicker manner. There are other methods to consolidate credit card debt. An individual can apply for a loan from a bank at a lower interest rate and use the funds to pay off the balances of the credit cards with high APRs. Then loan is paid back to the bank in monthly payments. Credit card debt consolidation ha...
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