Debt consolidating finance uk
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The chase to catch up with your bills will never end.
Putting the credit card away would be a first step, but not the only one you need to consider before deciding that debt consolidation is your financial savior.
And that’s is where a The conventional method for consolidating debt is to get a loan from a bank, credit union or online lender.
Instead, the nonprofit credit counseling agencies work with card companies to reduce the interest rate and lower the monthly payment to an affordable level for the consumer.
The consumer sends a monthly payment to the credit counseling agency, which then distributes the money to each creditor in an agreed upon amount.
The first step toward making debt consolidation work is calculating the total amount you pay for credit cards every month and the average interest paid on those cards.
That provides a baseline number for comparison purposes. For many people, there is enough left to handle their debt if they organize their budget better and get motivated to pay down debt.