Credit Card Debt Consolidation: Three Options

Credit card companies, in all honesty, haven’t been in their best behavior lately.  They’re raising interest rates with nary a word and cutting credit lines with the smallest transgressions.  If you’re fed up and just want to get over your existing debt, debt consolidation may be an option you want to consider.

There are several options you can check out when looking to consolidate your credit card balances.  Here are some of them:

1. 0% APR Balance Transfer Cards

We’ve talked in great depth about these before.  If you can qualify for a balance transfer credit card with good terms, it’s usually a good idea to consolidate your balances with them to avoid today’s high interest rates.  Look for cards that can give you the 0% APR for at least 12 to 18 months or longer.

2. Social Lending

Social lending organizations are increasingly becoming a popular option for debt consolidation, due to their fixed terms and lower interest rates.  If you have the opportunity to work with one, make sure to give them a try.

3. Personal Loans From Smaller Financial Institutions

Many regional banks and credit unions are still very open to working with consumers looking to ease their debt problems.  If you can show that you are a trustworthy individual who can handle the regular payments, you might be able to get a personal loan that allows you pay off your numerous credit, thus consolidating your payments with just one institution.