Consolidating credit card balances

Consolidating multiple loans means you'll have a single payment each month for that combined debt but it may not reduce or pay your debt off sooner.

By understanding how consolidating your debt benefits you, you'll be in a better position to decide if it is the right option for you.

If you need help getting out of debt, you are not alone.

Although signs show an upturn in the economy, many Americans are deep in debt, and not everyone can work overtime or a second job to pay down that debt.

When done correctly, debt consolidation can: There are several ways to consolidate debt, depending on how much you owe.Ideally, that new debt has a lower interest rate than your existing debt, making payments more manageable or the payoff period shorter.Options to consolidate your credit card and other debts include a balance transfer credit card, an unsecured personal loan, a home equity loan or line of credit and a 401(k) loan.If you’re thinking of consolidating credit card debt and you need an expert opinion to make sure it’s the right choice for you, we can help.Call Consolidated Credit today at or complete an online application to request a confidential debt and budget analysis from a certified credit counselor at no charge.