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Debt Consolidation Loan Via Credit Card Application

Mar 23, 2008
The problem of your debts can be solved the moment you have decided to gather all your debts on a single credit card. Your credit can be consolidated and you can pay any money you owe if you get a loan to consolidate your credit card debt.

Another way is to go for balance transfer where you transfer funds from your account into another credit card, especially the one with a low APR to lessen the burden of paying for cards with high APRs.

There are people though who believe that it is not a good solution to use another card in order to transfer balance. They believe that the best solution is to resort to a loan in order to cover your debts. Therefore you can apply for a loan associated with low interest, from any financial institution or bank in order to cover the debts you owe to credit card providers whose interest rate is high. In other words the principle is the same with the one of shifting balance between accounts.

However such loan must be paid on a monthly basis according to conditions and terms that you have accepted when you filled in the application for the loan at any financial institution or bank. To be more precise, this loan is not secured where the financial institution or the company you have taken the loan from demands any kind of safety guarantee.

However, people with a bad credit history and low credit rating still have another option. They can avail of the credit card debt consolidation loan and use this for credit card debt settlement. In this case, the customer will be required to pledge a security like your house or any other thing that has a high value comparable to your consolidation loan amount.

This is what the bank or financing institution would have as a security or hold over you. This also means that if your credit rating is really that bad, you will not have an easy time getting any loans at all. This should be an eye opener for card holders that a good credit history and a good credit rating are important because it will follow you and haunt your future transactions. If you smear your credit history, you will feel its effects in the future.

Of course other solutions are also good as long as they help you pay off the debts in which you have been buried, but for some, getting a credit card debt consolidation loan is the answer.

This is because you have to close all your other existing credit card accounts, a way of forcing yourself to cut your spending habits and think wisely before you spend another cent or dime. However, whatever way you resort to, either by applying for a credit card debt consolidation loan or opting for balance transfers, the choice is up to you. Do what you think fits your lifestyle best.
About the Author
Looking for consolidation of credit card solutions? Steeped in credit card debt and not sure how to sort out your credit card debt hassles? Credit Card Consolidation Secrets is a massive resource on credit card debt consolidation and credit card debt consolidation loans.
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