Credit Card Debit Consolidation

"Is Credit Card Debit Consolidation The Answer...?"

Why are tens of thousands of people so deep in debt that they are turning to credit card debt consolidation to save them from bankruptcy? 

........Here's why! People in the U.S. have been racking up credit card debt since 1950.  That's when the Diners Club released the first credit card.

That over half a century of debt and it seems to get worse every year.

The truth is that credit cards gave consumers more buying power than their income or savings can afford. 

Of course, credit cards have also provided the convenience and safety of not having to carry large amounts of cash.

1.3 Billion Credit Cards

On average, American households possess 4 credit cards or a total of 13 payment cards if debt cards and store cards are included. There are, actually, 1.3 billion payment cards of assorted types in circulation in the United States.

Now, you may be thinking that credit cards have made the lives of modern American consumers easier.  I say FOOEY!...

Statistics show that the average credit card debt for each household in the U.S. is $4,800 per month. Also, there were 1.3 million credit card holders declaring bankruptcy in the year 2003... and that number has continued to grow.

I hope you aren't one who considers yourself unaffected by credit card debt.  If so, then consider this: upon retirement, most Americans can only expect to receive about 37% of their annual retirement income because of prior debt payment. This will leave many individuals depending on the government, family and charity for economic survival.

Credit Card Debt

Admit it, these are some scary facts. So, wake up!  Before you find yourself in a position of economic disaster, it might be wise to evaluate your spending and current credit card debt.

If your credit card debt is keeping you awake at night, you may want to consider credit card debt consolidation.

Just what is credit card debt consolidation?

In a nutshell, credit card debt consolidation is taking all your credit card payments and consolidating them into one monthly payment. This way, you don't have to worry about managing the payments individually. Aside from this advantage, it may also provide you with the following additional benefits:

 Reduce interest payments 
 Waive late and overtime fees 
 Reduced monthly payments 
 Debt relief in a shorter time 
 Credit improvement 
 Save more money in the long run

There are actually two major types of credit card debt consolidation...

You may want to consider a Credit Card Counseling firm. They assist consumers by consolidating all their monthly payments into one single payment and then dispersing this to the creditors on behalf of the consumers.

Unsecured Debt

The other type is through a home equity loan or other secured loan. This is done by exchanging an unsecured debt (such as credit card debt) for a secured debt (a debt backed by specific assets such as real estate).

Now, credit card debt consolidation isn't a magic balm that will drive all your credit card debt malaise away. But, it will make paying all your debt easier and might save you money in the long run. Definitely an alternative worth considering...

Always take the time to shop for the lowest interest rate credit card.

Credit card debt consolidation