So, it is better not to procrastinate over credit card dues; instead, find a suitable way to repay your high-interest credit card debt till the last cent.
But, what can be the suitable solution to repay credit card debts/bills? You can opt for credit card debt consolidation to pay back your dues till the last cent.
There are primarily 3 ways to consolidate and repay high-interest credit card debt:
1 Enrolling in a consolidation program
If professional help is what you want to repay your high-interest credit credit card debts till the last cent, you can enroll in a debt consolidation program.
In this program, a representative of the consolidation company will analyze your financial situation and the outstanding dues along with your income, and will decide upon a single monthly payment, which you need to pay to the company every month before the designated date.
In the meantime, the representative will negotiate with your creditors to reduce the interest rates on your credit cards so that it’s easier for you to pay till the last cent.
Upon receiving your payment, the company will distribute the amount amongst your creditors as per agreement.
2 Taking out a consolidation loan
If your credit score is relatively better, you can take out a consolidation loan to pay back your dues. It is another way to consolidate debt.
It’s very simple. A consolidation loan is like a personal loan. All you have to do is research on the personal loans and take out the most suitable one - whose terms and conditions suit you the best.
With this loan, you can pay back all your credit card dues.
So, here also, you pay back your dues just by making single payments every month.
3 Opting for balance transfer method
The balance transfer method can be your suitable solution to repay your annoying credit card dues, especially if you have a very low interest credit card and have sufficient credit limit in it.
You use this card to repay the outstanding balance on your remaining credit cards with high interest rate.
To opt for balance transfer method to repay your high-interest credit cards, you can choose an existing card (as described) or take out a zero or a low interest card for the purpose.
So, you’d have to repay the remaining balance on the card at a much higher rate of interest.
Therefore, when opting for this credit card consolidation method, make sure you make a plan to repay the balances with the definite period.
However, if you have any queries about the different ways of bill consolidation, you can have your queries answered by asking a question in a debt consolidation forum. Personal finance experts can answer your queries thus helping you to choose a suitable way to consolidate your credit card and other dues thereby helping you to live a life debt free.