Consolidating credit card debts org amore diydating
It’s risky to take an unsecured debt, like credit card debt, and turn it into secured debt, like a home equity loan or 401(k) loan.If you miss credit card payments, you’ll have to deal with late fees, higher interest rates and debt collectors.
Your best bet is either debt settlement or bankruptcy, depending on your income and amount of debt.
In fact, in most cases, your account has been sold to a debt collector, which makes your problem even worse.
Credit counselors who offer debt management plans, can only work with original creditors, not collection agencies.
After you have identified each creditor, log in to each individual account and write down the interest rate and minimum monthly payment of each.
The information from your credit report, your budget and each account, allows you to answer the following questions: The amount of credit card debt is the first indicator of which credit card consolidation strategy is best for you.
The lowest interest rates go to loans using assets as collateral.