How to Consolidate Your Credit Card Debt

Are you struggling with credit card debt and repayment? Debt Busters can help you take positive action to manage your credit card debt once and for all.

If your credit card debt is growing and you’re struggling to make your payments on time, debt consolidation may help you pay them off faster and easier.

Debt consolidation lets you pay just one regular amount at a lower interest rate by combining multiple credit card debts into one. The sooner you take action, the faster you’ll be freed from your debt. 

You don’t have to settle for a slow, ineffective debt repayment strategy when it comes to freeing yourself from your credit card debt. With our help, you can discover the right consolidation solution that works for your budget and goals.


  • Credit Card Problems

    While credit cards are an essential way to build credit and show you’re a responsible borrower, they can quickly become trouble. Taking on a line of credit might seem easy enough, but what happens when you find yourself unable to keep up with payments?

    Struggling with credit card debt is a common problem. It’s easy to swipe your card and make purchases without a second thought, but the trouble comes when you’re unable to pay off your cards consistently each month. When you consider the added interest, it can quickly spiral out of control.

    What are the most common credit card problems?

    • Having more debt than you can afford
    • Rising interest rates
    • Making only the minimum payment (or no payment) each month
    • Juggling several credit card deadlines

     

    If you’re unable to keep up with your credit card debt, you’re not alone. This is an extremely common problem, and it’s a problem you can solve. However, it’s important that you take action as early as possible.

    Failing to take action with your credit card debt could lead to severe penalties. You could end up spending more money on interest over the life of your credit card debt, and your credit rating could take a big hit. Even more extreme, your credit card lenders could take legal action against you.

    It’s important to be proactive about your credit card debt, and that’s where consolidation comes into play. With credit card consolidation, you can manage your debt more effectively to create a brighter financial future.

  • How to Consolidate Debt

    Debt consolidation is the process of combining your debts into a single payment. For instance, if you’re paying off several credit cards at once, you can consolidate all of your debts into a single loan or other type of debt solution.

    Why would you do this? There are a number of benefits to consolidating your debt:

    • One payment – First, it’s much easier to keep track of a single payment rather than several that are all on different days of the month. Making sure you pay your debt on time is key to keeping costs low and avoiding penalties.
    • Less expensive – Credit cards, in particular, are notorious for their high interest rates. If you’re paying several credit cards, you might be struggling to catch up with the interest. A consolidation option usually allows you to access a lower interest rate, less fees and better payment terms, saving you money long-term.
    • Faster payoff – Finally, debt consolidation usually results in a more effective and fast payoff strategy, freeing you from debt at a quicker pace.

      • Is debt consolidation right for you? Depending on your situation, combining all of your debts into a single payment might be a smart move. Talk to our financial experts at Debt Busters today on 1300 368 322 to discuss your options.

  • Credit Card Debt Solutions

    The good news is that if you’re struggling with credit card debt, you have a lot of options. There are a number of debt solutions designed specifically for credit card debt.

    Here are the most common ways to consolidate credit card debt:

    • Personal loans – With a personal loan, you can make just one regular payment instead of several. In addition, you’ll likely have a lower interest rate and shorter repayment term.
    • Short-Term Loan – There are some loans that are designed specifically for debt consolidation. These are usually considered short-term loans since they’re intended to be paid within a relatively quick period of time.
    • Mortgage refinancing – Another option is to refinance your mortgage to pay off your loans along with your mortgage.
    • Debt agreement or informal arrangement – Many credit card companies have some form of assistance or alternative plans for those facing financial troubles. A Debt Busters specialist could help your creditors agree to a debt arrangement or informal payment arrangement.
    • Balance transfer card – While it might not make sense to take on another credit card, transferring your balance to a lower-interest card with a no-interest intro period might help you kickstart your debt repayment.

     

    Since each of these options requires a long-term repayment strategy, it’s a good idea to review your situation with an expert before starting the process. It’s important to know what you’re getting into before starting the credit card debt consolidation process.

  • Is Credit Card Debt Consolidation The Right Solution For Me?

    Debt consolidation can help you pay off your debts in a more affordable and manageable way. Luckily, it’s easier than ever to find the best credit card debt solution that fits your needs and long-term goals.

    The key is that you take the first step now. The longer you delay, the bigger the problem becomes. The good news is you don’t have to take these next steps alone. At Debt Busters, we’re with you every step of the way.

    If you’re struggling to pay your credit card debt on time and get a strong grip on your repayment strategy, then credit card debt consolidation is likely right for you.

    We know that everyone is different. Our specialists will take the time to get to know you, understand your challenges, and treat you as an individual.

    If a debt consolidation loan isn’t right for you, we can consider other options such as a short-term loan, an informal payment arrangement or a debt agreement with your creditors.

    If you’re not sure how to consolidate your credit card debt, then let the friendly team at Debt Busters help you today. Request a call and we’ll be in touch shortly with a tailored plan of action for your credit cards.

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Debt Busters is an Australian owned business which was founded in 2005 - since then we have been able to help thousands regain financial control.

Debt Busters prides itself on providing a dedicated Client Service Manager to work closer with you and provide a higher level of customised service about your situation.