Help consolidating medical bills
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Credit card consolidation is the process of taking several outstanding credit cards and merging them into one single loan.
Debt Settlement Plan: Debt Settlement, also known as Debt Relief, is a service where a debt settlement companies withdraw a predetermined amount from your bank account each month that they put into escrow for you.
Please note that an individual can settle his/her debt on their own as well. They then negotiate with your creditors to reduce your overall debt amount, and use the money they have been saving up for you to pay off that debt.
Understanding all those options can be incredibly confusing, especially since they all have similar names, but that’s not excuse for learning what your options are before taking the plunge.
Pros: You can get out of debt within 2 years and pay as little as 27% of your original debt, although it averages out to be around a 55% discount Cons: In order to get your creditors to be willing to negotiate, you’ll have to let your bill payments fall behind.
If they aren’t already behind, this could have a big impact on your credit score.
So before we dive further into Credit Card Consolidation, I want to provide a brief overview of what options you can have outside of credit card consolidation.
Paying off Your Debt Do this the old fashioned way, by reducing your spend and applying those savings to pay off your creditors: Pros: It feels good to do it yourself. Cons: It can take a while and requires a lot of discipline.