What is a Credit Card Debt Consolidation Loan?

Credit card debt consolidation is regarded as the first step towards getting rid of credit card debt.  A debt consolidation loan is one of the ways of consolidating credit card debt.

 

Credit card debt consolidation loan is a low interest loan that you apply for with a bank in order to pay off your high interest credit card debt. A credit card debt consolidation loan too is based on same principle as balance transfers i.e. moving from one or more high interest debts to a low interest one.

 

A Credit card debt consolidation loan is an unsecured loan. In other words you do not have to give security or something that has value to qualify for such a loan the loan is based on your income, credit worthiness etc.

 

Although balance transfers and credit card debt consolidation loans have the same objective behind them, the credit card debt consolidation loans are sometimes considered better because you end up closing most of your credit card accounts which have been the cause of you ending up in financial difficulties.

 

However, balance transfers have their own advantages which are not available with credit card debt consolidation loans. Choosing between credit card debt consolidation loan and balance transfer is really a matter of personal choice.

 

For more on debt consolidation, mortgages and other related articles, go to www.globalproperty.co.za/credit-card-debt.html

Advertisements

One Response to What is a Credit Card Debt Consolidation Loan?

  1. Loan holder says:

    Very nice blog.Keep up with the good work!

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s

%d bloggers like this: