If you are under the burden of considerable credit card debt, slowly chipping away at your numerous balances may not be enough to remedy the problem.

You may have noticed that even when savings account and money market interest rates significantly drop, charge card interest rates usually remain quite high.

This can easily leave you with a feeling of hopelessness regarding your financial future.

But you can change that overnight, powerful high interest credit card consolidation, which is a type of refinance designed to transfer balances onto a low cost, fixed rate line or personal loan.

This method is often the best way to pay off expensive unsecured debts once and for all, and start fresh with a new budget.

Why Low Interest Debt Consolidation?

If you have decided to consolidate your high cost balances, you will be pleased to know the process is not difficult, as debt consolidation is simply a matter of moving your expensive balances to low interest alternatives with better terms.

When this has been done, you are responsible for only one payment, and don't have to keep track of numerous bills featuring different due dates.

How to Pay Off High Interest Credit Cards Fast

Reducing the cost of your monthly debt service, by taking advantage of cheaper financing to consolidate, makes a lot of sense. Along with simplifying into a single payment, there are few quicker ways to dramatically cut your monthly bills..

For instance, consolidation lending almost always leads to lower rates than you likely pay on your average Visa or MasterCard, and if it doesn't save you money, you shouldn't do it. .

For many consumers, this arrangement offers the perfect solution to manage out of control credit card debt.

Consolidating can also have a positive effect on your credit score. When you pay off your card balances, you reduce your borrowed money vs. available stats which reflects well in your reports. Additionally, lower monthly payments means you are more likely to make on-time payments.

These improvements will make their way to the financial reporting bureaus and will improve your score in time. Rather than your report indicating you are struggling to make multiple payments and frequently falling behind, if your consolidation loan reduces your struggle to make ends meet, it will reflect in your records.

This will lead to a better score in the future, which will make it easier to qualify for financing in the future.

Recognizing the Best Time to Consolidate

Most people, in the fight to meet their fair obligations, wait until it is too late to take action. It's all too common for people to wait until the debt is crushing, payments are behind, and are at risk of default before considering options.

It makes sense, right? Additional lending isn't considered when debt is causing the problem in the first place. But that would be a mistake.

If you are only paying the minimum on your bills each month or worse yet, are having trouble even meeting this amount, it is time to consolidate -- before financing options are closed to you for good.

While credit card consolidation bad credit lending options exist, ultimately you will be save more if you use lower cost financing opportunities BEFORE your credit is ruined...

 

Debt Consolidation Lending Options

On the web, numerous credit card consolidation companies exist, and are eager to help you, you can research legitimate service providers using the BBB here: debt consolidation companies.

The following are alternative financing options you can use to pay down debt. Refinancing your balances in this way is not for everyone, but each offer cardholders a means to ransfer their highest rate balances to financing with significantly lower charges.

However, there are fees associated with any financing, a simple online search can pull up a quality online credit card consolidation calculator, use it to determine if the savings make the effort right for your particular needs.

Home Equity Borrowing

If you own a home that is worth more than the balance of your mortgage, then you have equity in the house. You can use it to consolidate outstanding card balances.

Lenders offer home equity lines to qualified borrowers, though bad credit may preclude you from getting approved. If you do, this does not automatically disqualify you from home equity financing, as the house serves as collateral, but it may make it harder or increase your costs to finance.

Still, the rate of interest on this type of lending will rarely be as high as the combined rates you were previously paying for revolving credit.

Using Personal Loans for Consolidation

Another option to consider in lieu of a consolidation lender, is to use the money you get from an unsecured personal loan to pay off your cards. Using a personal loan for credit card debt is very common, as the lenders can usually cut the interest rates you are paying on your debt significantly, and the loan amounts are large enough for multiple large balances, and lending of this type is relatively easy to qualify for.

If you are a member of a credit union you should inquire there first, as they often offer lending to their members at lower than average rates of interest.

Ultimately your goal is to become debt-free, so if the money you borrow is paid direct to you, don't be tempted to spend it before you use it to pay off your cards.

Using Credit Card Balance Transfers to Consolidate

If you have access to a low cost credit card, and you haven't already maxed it out, consider taking advantage of issuer balance transfer special rates.

It's not uncommon to get a 0% introductory transfer rate for a specified number of months for transferring balances. Sometimes this is all you need, giving you a window to get ahead and reduce what you owe.

Additional Considerations

Many people have used debt consolidation to regain control of their finances and start fresh. One low monthly payment can be a lifeline when you are drowning.

If you feel you are facing overwhelming debt for which you can find no realistic solution, and even a credit card consolidation loan won't be enough -- it may be time to consider even more drastic protections.

If you have exhausted all other options, credit card settlement, and declaring bankruptcy should be on the table. These options should only be considered as a last result, because they have lasting bad credit consequences. That being said, a sound debt management plan of attack should consider them.

Imagine Your Life Free From Your Bills

You deserve to be debt free. Imagine your life without the pressure and wasted money thrown out the window month after month to interest charges.

High interest credit card consolidation loans can give you the edge you need to breathe again, get back in control, and achieve the financial success you deserve.