Start Consolidating credit card debt your own

Consolidating credit card debt your own

If you have multiple outstanding credit card bills, for example, a debt consolidation loan could be used to pay off those bills, leaving you with only one monthly payment.

There’s also the savings argument, which becomes a no-brainer once you run the numbers.

Believe it or not, there are many unreliable and even predatory companies out there that will take advantage of you if you’re not careful, so you must do your research and understand how these options work and decide which get-out-of-debt method is right for you.

We cannot and do not guarantee their applicability or accuracy in regard to your individual circumstances.

Debt consolidation is a third-party payment system. Agencies range in quality so make sure you shop around. Most debt consolidation plans are structured the same way. They ensure member agencies pass rigorous standards set forth by the Council on Accreditation or another approved third party, and that their counselors pass a comprehensive certification program. Financial institutions don't give preferential treatment to any one organization, nonprofit or otherwise.

Refinancing debt is also a smart strategy, especially for those in the post-grad plateau— the early stages of a promising career—with plenty of raises just around the corner.

With fixed-rate credit cards becoming more difficult to find, and the average annual percentage rate (APR) for variable-rate credit cards just over 16% as of this writing, you could save thousands of dollars by refinancing credit card debt with a low-interest personal loan.

With variable rates based only on your credit rating, it's hard to achieve your financial goals.