Does Free Credit Card Debt Consolidation Exist?

Free credit card debt consolidation service is often advertised by many credit card and debt consolidation service providers. But the companies that actually provide free credit card debt consolidation services are very few.

Most of the companies that advertise free credit card debt consolidation charge a monthly fee in exchange for their services. But nevertheless, we can’t deny that the monthly charge levied by these companies is considerably lower than what other ‘for profit’ companies would charge you.

A credit card debt consolidation program can help you in assessing your total credit card debts and arranging for a suitable credit card debt consolidation loan. The program is designed in such a way that the consolidation loan amount covers the total amount of your debts. The most important criterion in selecting the credit card debt consolidation program is that the program should be able to arrange for a consolidation loan that has a significantly lower rate of interest than the interest rates of your credit card debts.

You can get a lot of information on the companies’ websites. Most of these companies will also offer you free quotes that will give you an idea of the interest rates, the term period of consolidation loan, and the monthly payments you will make to payoff the loan. Once you get the free quotes from multiple companies offering credit card debt consolidation services, you can compare the pros and cons of each.

What Do I Stand To Gain Out Of Debt Consolidation? You can expect many benefits from your credit card and debt consolidation program. * The first benefit is that the free credit card debt consolidation can help you move towards the goal of debt reduction and ultimately debt elimination. * You will not have to deal with multiple creditors and therefore, you will get rid of all the confusion that multiple card bills ensue. There won’t be different bills for different amounts to be paid on different dates and at different rates of interest. * Since, there will be a single payment that you make to the credit card debt consolidation provider every month; there is no chance of missing a payment. * The company providing credit card debt consolidation services will renegotiate the terms on your cards, thus, getting you lower rates of interest and waivers of fees. * Even if you miss a payment, you won’t be charged excessively high interest rates that the credit card companies normally charge.

Most of the agencies catering to credit card debt consolidation also, have a credit card debt consolidation calculator, which is a novel means designed by debt consolidation agencies to assist people in debt.

Whichever credit card debt consolidation program you choose, it will show you the futility of reckless spending and it will help you in planning a budget based on your monthly income and the amount that you can spend without landing yourself in the debt trap again.

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