Monday, 8 July 2013

How to Consolidate Your Debt


Things to consider when consolidating your debt.
Getty Images
Are you trying to figure out how to consolidate your debt? One of our readers, Ricky, wrote on the Credit.com blog that he is "trying to consolidate bills since divorce to get back on track."
Another reader, Norma, wrote:
I have too much credit card debt with high interest. I applied for a loan to consolidate all into one payment, I didn't get it because of something on my credit report. My payments are always on time by using auto payments. Sears raised the interest to 16.24 percent, Chase raised theirs to 29.99 percent and there is no talking them down either. I plan not to use either of the cards again now or after they are paid off. How can they charge such high interest on credit cards when the savings account is paying 1.25 percent?
Once you've decided to consolidate your debt, there are several important steps you need to take so that it's ultimately beneficial for you.

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