Pros and cons of consolidating credit card debt

Posted by / 09-Jan-2018 04:32

A settlement means that the lender, collection agency, or credit card company agrees to take a significantly lower payoff amount than what you actually owe, wiping your slate clear from the financial obligation.There’s one obvious pro to debt settlement: a much lower, single monthly payment that you can afford.Debt settlement is, simply put, hiring a debt settlement company to help negotiate lower payoffs on personal loans, collections, and open accounts like credit cards.

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Cape Town - Over-indebted consumers have various options to choose from to help them on their road to financial freedom, one of which is debt consolidation.

In a nutshell, debt consolidation involves taking out one single loan to settle all your other loans.

Debt consolidation loans are usually stretched over a long period, which means that your total interest payments add up to a very expensive debt.

Paying off short term debts like credit cards and personal loans over much longer periods, even at a slightly lower rate, actually means paying a lot more interest in the long run.

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