Consolidating to one
The truth is that having any debt means you are financially beholden to a creditor and you can’t put your money in your own pocket until your obligation is met.
You’ve got several options when you make the decision to eliminate debt.
The latter might come with a zero percent introductory interest rate, giving you several months or more to pay down your balance interest-free.
The best debt consolidation solution is one that simplifies your financial life or lowers your cost of debt, or both.
You may have heard that some creditors are willing to settle your debt for pennies on the dollar.If you’re already struggling to make your debt payments or your credit cards are maxed out, you may not qualify for a zero percent credit card balance transfer offer.Bad credit debt consolidation loans are available from some lenders but they are costly.But you can recover from credit score damage much more easily and quickly than you can recover from crushing debt.If you are a careful money manager who fell into debt because of unusual circumstances (medical or veterinary bill, loss of employment or some other emergency) and NOT because you spent more on your credit cards than you could afford to pay off each month, then leave the accounts open.
In reality, credit card debt forgiveness is rare and tricky, and can be very costly. Then you have to convince your creditors that you don’t have the means to repay your debt and your situation isn’t likely to change.