If you cannot afford your payments, you may want to explore credit counseling or debt settlement.
For credit card debts, your required minimum payment declines as your running balance decreases.
Editor’s Note: There is a lot of information available on how to consolidate debt, but much of it is confusing.
cuts through the fog with simple tips and tricks you can use to consolidate debt wisely. A smart first step is for you to define your goals.
So, if you have a balance of $5,000, your required payment would be between $125 and $200 per month.
If you can afford to pay more each month, consider an "optimized payment" strategy that accelerates your time to get out of debt.
Many different approaches exist, to help you consolidate debt, so you need to do your homework.
Only by weighing the pros and cons of each solution, can you know the best option for your situation.
In this article, however, we focus more on clearing up any confusion about your different consolidation options and their effects.
If you need help with your debts, consolidating your debt may be a great solution.
You need a clear understanding of what you want to achieve and how it will benefit you, in order to make the right debt consolidation choice.
Defining your goals is such a crucial part of choosing the right way to proceed with how to consolidate credit that we recommend that you read our separate article on debt consolidation goals.