It is only when a huge credit card billing statement appears at your mailbox that you regret misusing your cards. Credit cards may seem to be convenient financial tools but when you misuse them, they can become nasty debt generators that can do nothing but add financial stress to your life. If you’ve not been able to pay a large number of credit card bills and you’re in debt, you need not worry as there are bill consolidation options through which you can repay your credit card bills in convenient monthly payments and also save money the bills at the same time. If you’re not aware of the ways in which you can consolidate your credit card bills, here are some such options that you may consider.
- You may choose a bill consolidation loan: You can choose a bill consolidation loan so that you may be able to combine your high interest debt into a low rate loan. The consolidation loan will carry far lower rates than what you were already paying on the multiple credit cards and therefore this will also reflect on your monthly payments. You can save a considerable amount of money by repaying your debt through a debt consolidation loan. Instead of having to make multiple payments, you can stick to making a single monthly payment towards the loan.
- You may transfer the balance to a new low rate card: You may also transfer the entire high rate balance to a low rate card so that you can save a considerable amount of money on the monthly payments. The balance transfer card will offer drastically low rates for a particular period of time that is known as the introductory period. You should read the fine print of the card so that you may know each and every information that is required to transfer the balance to the low rate card.
- Sign up with a bill consolidation program: You may also sign up with a bill consolidation program if you feel the need of a professional who can assist you in repaying your high rate credit card bills. The debt consultant will negotiate with your creditors and attempt to lower the rates so as to make the monthly payments easy and affordable for you.
So, when you’ve accumulated a large number of unpaid credit card bills, you can certainly opt for bill consolidation. Choose any of the above mentioned options according to your choice and needs.