http://www.aboutcreditcarddebt.com/credit-consolidation/ Credit Consolidation Explained en-us Sat, 26 Jul 2008 15:00:00 EDT Sat, 26 Jul 2008 15:00:00 EDT Weblog Editor 2.0 You have a nice place to live, a nice car, a boat, all the latest electronic gadgets like an iPod and a Blackberry, and all the hippest, most in-style clothes. But come on, you have to give credit where it's due--credit card companies. How far have you sunk into debt with all this stuff? Our guess is that a little credit consolidation couldn't hurt. Maybe it's time to consider a credit consolidation loan. Credit Consolidation Works By now you are well aware of what credit is, but credit consolidation might be a fuzzy term to you. The definition of consolidation - now this pertains tofree credit consolidationas well - is as follows: To unite into one system or whole; combine: He consolidated five credit card bills into one. To make strong or secure; strengthen: He consolidated his credit rating when his credit card bills were paid off. Hopefully that helps you understand what credit consolidation means. Here's how credit consolidation works: First, you hire a debt consolidation company. They use a process of negotiation with your creditors to get your credit card balances and interest rates lowered. Then the new, lower balances are combined and you make one monthly payment to the credit consolidation company, which they distribute among your creditors. Because of the reductions, you can become debt free in about five years. You might think that sounds like a long time, but if you're at the point where you are only paying the required monthly minimum on most of your credit cards, it will take you a lot longer than five years to get out of debt. Consider this: The average college student owes $2,800 in credit card debt (not including student loans). If he or she pays $50 a month and the interest rate is 18%, it will take more than ten years to pay it and he or she will have paid $6,154. Now consider that the average American's outstanding credit card balance is not $2,800--instead, it's $7,100. So imagine how long it would take you to pay that off if you only pay the required minimum. Wouldn't a credit consolidation be a wiser route? Credit Consolidation Loans Let's say you want your credit cards paid off in full now. If the aforementioned boat or car is paid for, you could use them as collateral and get a credit consolidation loan. True, it's just replacing one set of debts with another, but you'd only have one payment to make each month (a more affordable payment, at that) and the interest rate on the loan is so much lower (generally half of what you're paying now) and you can have it paid off in five years or less. Whichever credit consolidation appeals to you most, get started on one today. Think of the money you'll save with credit consolidation loans! For sure, you will do what it takes to become debt free today. The End. Sat, 26 Jul 2008 15:00:00 EDT http://www.aboutcreditcarddebt.com/credit-consolidation/free-credit-consolidation.html Free credit consolidation would be awesome - if indeed it were really free. en-us Sat, 26 Jul 2008 15:00:00 EDT Sat, 26 Jul 2008 15:00:00 EDT Weblog Editor 2.0 http://www.aboutcreditcarddebt.com/credit-consolidation/credit-consolidation-loans.html Credit consolidation loans have so many benefits other than eliminating debt and preventing bankruptcy. en-us Sat, 26 Jul 2008 15:00:00 EDT Sat, 26 Jul 2008 15:00:00 EDT Weblog Editor 2.0 http://www.aboutcreditcarddebt.com/credit-consolidation/credit-consolidation-loan.html Credit consolidation loan - a sure fire way to get rid of that debt. Find out how. en-us Sat, 26 Jul 2008 15:00:00 EDT Sat, 26 Jul 2008 15:00:00 EDT Weblog Editor 2.0