The best way to consolidate credit card debt under ,000 could be to get a zero-percent interest credit card and transfer balances from high-interest credit cards over to it.
You also could look at a personal loan to pay off your balances.
If you have more than one credit card to pay off, then consolidating them into one can give you peace of mind as you make one monthly payment instead of multiple.
This also makes tracking your payoff progress much easier.
Even if you have only one credit card, consolidating it at a lower interest rate allows more of your money to go to that principle balance than interest and gets you out of debt sooner.
It almost seems like there’s no reason to do it, right?
With a debt management plan, you make one payment to the credit counseling agency, which distributes the money to your creditors until they are paid in full.
Even if they are members of such organizations, though, be picky. So while the agencies and employees vary, the plans are all structured the same way: Your counselor determines how much it will take to pay your creditors in full in three to five years.
Consolidate Your Debt Now Debt consolidation is combining several unsecured debts — credit cards, medical bills, personal loans, payday loans, etc. Instead of having to write checks to 5–10 creditors every month, you consolidate bills into one payment, and write one check.These are not quick fixes, but rather long-term financial strategies to help you get out of debt.When done correctly, debt consolidation can: There are several ways to consolidate debt, depending on how much you owe.When there are that many credit cards floating around, ready to be used, debt problems are almost a given.Currently the average Canadian carries a balance of roughly ,094 on one or more credit cards. Credit card debt consolidation is when you’re carrying balances on several high-interest cards and want to consolidate or combine all those balances into one easy to manage and more affordable payment.