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The following article was published in our article directory on September 15, 2017.
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Credit Consolidation as the Solution to Credit Problems

Article Category: Finances

Author Name: Van Vaughn

Overwhelmed by multiple loan payments you receive each month? Getting stressed on thinking of ways to get out of the debt trap? Caught in this situation, you might think of consolidating your credit accounts into one payment plan.

Consolidating multiple accounts is tempting to turn from multiple payments to one payment plan. But, before you jump to credit consolidation as a solution, ask yourself if this solution is the best option for you. Analyze the pros and cons of consolidating your credit accounts to determine its applicability to your situation.

A brief description of credit consolidation

Consolidation of multiple credit accounts is one method of debt relief where you combine your unsecured debts into one single payment. You can do this method through a debt consolidation loan.

Remember, though, that this method of debt relief is a financial product which lenders offer for a fee.

Consolidation of credit accounts is a loan you use to pay off your debts. This single monthly payment is a lure as it removes other debt claimants. However, a switch to this payment method does not mean that you succeeded in reducing your multiple loans. With this new loan, you still have the same amount of debt plus the fees and other charges.

You may have reduced the anxiety, but it pays to look into the pros and cons of consolidation before you decide on a method.

The Pros of Consolidating Credit Accounts

A single monthly payment in lieu of multiple credit card payments. Having a single monthly payment makes it easier for you to budget and manage your credit card payment.

Interest rate is lower. Credit cards tend to charge high interest rate to as much as 20%. With credit consolidation, the interest rate reduces to approximately 10% or below.

Faster debt liquidation. Because of the low interest rate, you can use the amount saved from reduced interest rate to pay off the debt consolidation loan. As a result of this process, you liquidate your loan sooner.

Avoid damage to credit score. By consolidating your multiple credit accounts, you avoid late or missed payments that impact your credit score.

The Cons of Consolidating your Credit Accounts

Using credit before liquidating consolidated loan. Once your credit accounts get consolidated, you again have access to your credit cards. However, to use credit before fully paying up the consolidated loan will get you deeper into a trap.

The difficulty of sticking to the payment plan. The future is uncertain and there could be factors that make you miss a payment. Missing a payment can have dire consequences and you find yourself back to your credit problem.

Behavior issue. You need a strong self-discipline to stick to the payment plan. If your determination is weak, the tendency is to go back to using the credit cards for any purchases.

There are instances where credit consolidation makes sense. An instance where consolidating credit accounts make sense is paying off the high interest rates charged by financial institutions. With several credit accounts charging exorbitant interest rates, it makes sense to consolidate multiple accounts.
If you decide on consolidating your multiple accounts, develop the attitude and commitment to stick to payment plans. Behavior and with credit counseling, your payment plan has higher chances of success.

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