How Does Debt Consolidation Work?
It may sound counter-intuitive, but you can use debt to pay off debt. Learn how debt consolidation works and what you can do to make sure you’re a good candidate.
How does debt consolidation work ?
Debt Consolidation has a weird definition. It is a loan you secure to pay off other loans.
That may sound odd, but it really works and here is why.
That one loan comes from a bank, a line of credit or a credit card balance transfer. If you use it to pay off your stubborn credit card balances, you can actually save money.
Debt consolidation loans charge much less interest than what you are currently paying on your credit cards. It’s all in the numbers.
Right now, the average credit card interest rate is around 20% but debt consolidation charges half that. Sometimes even less depending on your personal circumstances. This way you are making your hard-earned cash work more efficiently.
Well, your first step is to call a trained a credit counsellor at Consolidated Credit. You will receive a free debt analysis and the counsellor will present you with a list of options based on your situation.
You choose the best way to become financially free and we help you every step of the way