Consumer counseling credit card consolidating debt
If you can barely make the minimum payments each month (or can't make them at all), credit counseling can help you understand your financial situation and provide options for how to fix your debt problem.
You may also be a great candidate for credit counseling if you are simply overwhelmed by your finances and don't know where to start. They know they have a debt problem and also know that it can be fixed with a bit of hard work.
One of those options could very well be debt consolidation.
Before you agree to a plan, ask whether the credit counselors are compensated based on the actions you take from their suggestions.
These offers usually last from just a few months to as long as 21 months, giving a borrower a chance to repay their debt without paying any interest at all. Some cards don't charge these fees, but others will charge 3% to 5% of the balance transferred.
If you cannot pay back the amount in full by the time the promotional period ends, you'll have to pay the standard interest rate or transfer the remaining balance to a card with another promotional offer.
Debt consolidation is the act of taking out a large loan and then using the proceeds from the loan to pay off your other debts.
This allows you to have fewer payments to worry about each month while hopefully reducing the amount of interest you'll pay.
When you consolidate your debt, most people choose one of two options.
Figuring out how to start paying back your debt can be confusing.
You could pay back your debt as agreed, but that could end up costing you a lot in interest.
Discover Card is serious about safeguarding your personal information online.
When you access your account and perform transactions on the Discover site we use 128-bit-Secure Sockets Layer (SSL) encryption technology-the most widely used method of securing internet transactions available today.For instance, if you just have a couple of credit card bills but you have plenty of disposable income to make extra payments each month, consolidating your credit card debt to a personal loan with a lower interest rate could save you money on interest and allow you to pay off your debt faster.