Consolidating credit card debt into a personal loan


24-Sep-2017 16:22

consolidating credit card debt into a personal loan-10

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A person once said to me that when you’re in a hole and you want to get out of it, the first thing you should do is stop digging.In other words, when it comes to addressing a debt problem, perhaps more debt is not the solution.This may seem like a contradiction to what’s been mentioned previously in this article but it’s important to present a balanced view including both pros and cons.In deciding what to do, you must look at your circumstances and make an assessment as to what’s right for you, understand all the benefits and consequences.At Debt Fix, we know everyone's situation is different and we understand that there is no “one size fits all” solution when it comes to managing debt.

This is not always the case and interest rates will vary depending on your credit reputation and the lenders assessment of your application.If you believe the debt issue is likely to be temporary because the circumstances about it are not likely to be lasting, then some short term financial hardship may well provide an adequate remedy.On the other hand, if your circumstances are not short term and your financial situation is dire and unlikely to change in the short term, not only is a debt consolidation loan probably not the right way to go but short term financial relief is unlikely to provide any long term benefit.Consolidating debts may well be the answer to this issue because, by rationalising your many (smaller) debts and having one loan to manage, it stands that it would be easier to juggling your repayments and therefore there is less risk of you paying your debts late and thus decrease the likelihood of any adverse credit reporting.

Naturally, there are some consequences which also need to be considered when deciding whether or not to consolidate.

One of the first things you should do if you’re struggling with debt is attempting to speak with your creditors and ask them whether you would qualify for .