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by Zulika van Heerden

It may seem on the outset that having a credit card is the answer to your money woes and to some extent, if you know how to be a responsible credit card holder, it could really save you from your money problems once in awhile, especially for emergencies.

However, if we become addicted to swiping, we could very well end up paying our debts until our last breath and ending up with no savings at all because of all the payments we have to make. 

Unpaid Bills, Mounting Debt

If you miss a single payment on your credit card bill, expect a sky-high penalty rate that will definitely add up to your regular monthly card bills.  Now if you keep this up, you know what happens next – insurmountable bills that keep piling up and before you know it, you’re in way over your head and you can’t go back.

Consequently, you end up putting all your hard-earned cash to your monthly bills in the hopes that they will at least decrease as you make each payment.  However, you’ll notice that this is not the case because what you’re actually paying for is only the interest that your credit company slapped on you when you missed one payment.

It sounds a little harsh and cold, but that is the reality of owning credit cards.

Debt Consolidation

Financial institutions understand your dilemma and they are more than willing to sit down with you to discuss your options.  While this may sound promising and it may seem like Manna from Heaven, you have to remember that while you are paying only one monthly bill for all your card bills once you’ve consolidated your debt, you could end up losing your home, your car or whatever else you put in as collateral once you miss your payments.

You should watch out for hidden charges as some financial institutions take advantage of your vulnerability and press you to immediately sign and agreement with them without fully explaining what’s in it for you – especially the actual interest rates and other charges.

So unless you are sure that you can make this new payment and you are comfortable with the consolidated payment scheme, do not go into any agreement with debt consolidation companies.  While it does sound like it is the answer to your problems, you can get more indebted if you can’t handle your payments.

The best way to check if debt consolidation will work for you is to thoroughly check your monthly income against your regular expenditures and see if you can afford the new payment plan.  Otherwise, you’ll just have to bear it and grin until your debt is paid – the usual way.  The hard way could also be a good lesson for you to never rely on your credit cards again to pay for emergencies or otherwise.

For more on debt consolidation see below :

-Credit Card Debt Secrets
-Steps to Eliminte Credit Card Debt
-Debt Free Living
-Lowering Your Debt For Life
-Are your debts keeping you awake at night?

To apply for a debt consolidation loan you will have to fill out a short application form. You will then receive a FREE quote from well established, nationally recognized lenders. You do not need to decide now whether the debt consolidation loan is for you.

Just apply and compare the repayments to your current situation. There is no obligation on your part. If you decide that it is not for you, you simply do not have to accept the offer. You have nothing to lose and everything to gain.

20 Second Application
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