Editor’s Note: There is a lot of information available on how to consolidate debt, but much of it is confusing.
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In this article, however, we focus more on clearing up any confusion about your different consolidation options and their effects.
If you need help with your debts, consolidating your debt may be a great solution.
Many different approaches exist, to help you consolidate debt, so you need to do your homework.
Only by weighing the pros and cons of each solution, can you know the best option for your situation.
Think about which of the following goals is most important to you; amount you need to pay on each account.
For credit card debts, your required minimum payment declines as your running balance decreases.Although you pay less each subsequent month, sticking to the required minimum payments costs significantly more money over time.Minimum payments on credit cards typically range between 2.5% to 4% of your balance.So, if you have a balance of ,000, your required payment would be between 5 and 0 per month.If you can afford to pay more each month, consider an "optimized payment" strategy that accelerates your time to get out of debt.If you cannot afford your payments, you may want to explore credit counseling or debt settlement.