Consolidate Credit Cards Safely

Edited by Melvin Magadia, Lynn

Debt consolidation is one of the most common but risky ways of settling credit card bills. It has given people an easy way out of their financial predicaments. With credit cards, one can easily fall into the trap of spending too much, so that they fall into debt. Fortunately, there are legal and safe practices to consolidate credit card bills.

Was this helpful? Yes | No| I need help

Steps

  1. 1
    Get a Personal Loan
    Advertisement
    Was this step helpful? Yes | No| I need help
  2. 2


    A personal loan can help you settle credit card bills quickly
    .
This way, you know how long it will take to settle your credit card debt and the total monthly payment. Here are a couple pieces of advice to keep in mind when getting a personal loan for consolidation.
Advertisement
Was this step helpful? Yes | No| I need help
  • 3
    Once consolidation commences, it is recommended that you stop using the card.
    Was this step helpful? Yes | No| I need help
  • 4
    Since the balance will accrue interest on a daily basis, it is best to settle the daily interest.
    Was this step helpful? Yes | No| I need help
  • 5
    Consider a Zero Percent Balance Transfer Credit Card
    Was this step helpful? Yes | No| I need help
  • 6
  • Was this step helpful? Yes | No| I need help
  • 7
    Without a doubt, a credit card still offers convenience
    .
    Although you can still use the credit card to settle the remaining balance, one option is to apply for a zero percent balance transfer card. However, make sure that this is applicable to new balances.
    Was this step helpful? Yes | No| I need help
  • 8
    Keep in mind, however, that you may be charged with annual or monthly fees
    .
    Aside from that, you may also be charged for the balance transfer.
    Was this step helpful? Yes | No| I need help
  • 9
    Consider a Bad Credit Loan
    Was this step helpful? Yes | No| I need help
  • 10
  • Was this step helpful? Yes | No| I need help
  • 11
    One of the factors for the denial of unsecured bank loans or zero percent balance transfer cards is bad credit history
    .
    But if you are in this situation, a secured loan for credit card consolidation will provide huge benefits for you.
    Was this step helpful? Yes | No| I need help
  • 12
    A secured loan will allow you to determine the monthly payments and hence pay your balance much faster.
    Was this step helpful? Yes | No| I need help
  • 13
    Set A Budget
    Was this step helpful? Yes | No| I need help
  • 14
  • Was this step helpful? Yes | No| I need help
  • 15
    To settle your balance promptly and quickly, you need to save money for settling debt
    .
    Practice living within your means and keep away from indulging in unnecessary expenses. Examine your income and expenses and set aside a certain amount of money for paying the consolidation loan.
    Was this step helpful? Yes | No| I need help
  • 16
    Do Some Scouting
    Was this step helpful? Yes | No| I need help
  • 17
    Was this step helpful? Yes | No| I need help
  • 18
    When getting a consolidation loan, make sure you shop around for the right company
    .
    You can start with the Internet, ask for a referral from your friends or relatives, or check the Yellow Pages.
    Was this step helpful? Yes | No| I need help
  • 19
    Before signing the loan, you must first understand the terms and conditions of the agreement
    .
    You might find yourself in a deeper hole if you sign without understanding what you are getting into.
    Was this step helpful? Yes | No| I need help
  • 20
    Credit card consolidation offers a solution to your debt problems
    .
    These are just some of the ways you can get yourself out of a huge financial hole. Still, the best option is to control your expenses and live within your means. A credit card will come in handy, but use it only for emergencies.
    Was this step helpful? Yes | No| I need help
  • Warnings

    If you have problems with any of the steps in this article, please ask a question for more help, or post in the comments section below.

    Comments

    VisiHow welcomes all comments. If you do not want to be anonymous, register or log in. It is free.

    Article Info

    Categories : Noindexed pages | Financial

    Recent edits by: Melvin Magadia

    Share this Article:

    Thanks to all authors for creating a page that has been read 1,271 times.

    x

    Thank Our Volunteer Authors.

    Would you like to give back to the community by fixing a spelling mistake? Yes | No