Does consolidating credit card debt mean
Here are the top things you need to know before you consolidate your debt: But here’s the deal: Debt consolidation promises one thing but delivers another.That’s why dishonest companies that promote too-good-to-be-true debt-relief programs continue to rank as the top consumer complaint received by the Federal Trade Commission.But let’s be honest: Your interest rate isn’t the main problem. This specifically applies to consolidating debt through credit card balance transfers.
Generally, credit card debt refers to the accumulated outstanding balances that many borrowers carry over from month to month.
Credit cards are one of the most popular forms of revolving credit and as such offer numerous benefits for borrowers.
Credit cards are issued with revolving credit limits that borrowers can utilize as needed.
In almost every case, you’ll have lower payments because the term of your loan is prolonged. You are only restructuring your debt, not eliminating it.
You don’t need debt rearrangement—you need debt reformation.