Consolidating credit card debt with bad credit

Sometimes what appears to be debt consolidation isn't.

For example, a debt management program (DMP) through a credit counseling agency allows you to make one monthly payment to the counseling agency, and in turn, the agency pays all of your participating creditors.

When you use credit card balance transfers for debt consolidation, you are basically shifting the total debt from several of your cards to just one that has a much lower interest rate.

They require you to get a loan from a bank, credit union, or peer-to-peer lender who will agree to consolidate some or all of your debts (usually credit card balances) into one new loan.

If the interest rate on this new personal loan is lower than the interest rates on the different credit cards that you are consolidating, you'll save money.

Rupee Circle allows borrowers to convert their existing debts into a single debt consolidation which is repaid at a fraction of its previous price.

Flexible timelines and attractive interest rates let you clear your debt loans at a comfortable pace, minus all the worries.

Leave a Reply