Consolidating consumer credit card debt
If you were to consolidate your accounts, you could.More so, consolidation may reduce the finance fees you’re currently paying and sometimes even increase your credit rating.If that person agrees, you would use it to eliminate the balance on your credit cards, and you would owe that person instead.Although not required, both parties — you and the person lending you money — should draw up a contract outlining the terms of the arrangement.You’ll repay the debt over a certain number of years (usually from one to five years) with fixed payments.
Yet another way to consolidate your debt is by asking a friend or family member for a loan.
When you’re juggling multiple credit cards, managing them all like a pro while paying down the balances can be a major challenge.
Wouldn’t it be nice to send just one payment every month and not have to worry about a variety of due dates?
There is usually a small monthly administration fee.
You would be required to close the accounts and agree to not open more while the plan is in effect.