Zero percent balance transfers are extremely attractive offers by credit card companies, but usually are limited to consumers with excellent credit scores.
If your credit score isn’t somewhere above 700, you probably won’t qualify.
Debt settlement and debt consolidation are two forms of financial help for people struggling with more debt than they can repay.
The two terms are often used interchangeably, which leads to a great deal of confusion on the part of consumers, who may not realize that these are vastly different debt relief services.
If you decide to consolidate your debts, another decision has to be made: What type of debt consolidation program should I use?
A debt management program is a popular choice because it typically includes credit counseling and education programs to help you to identify the causes of your financial problems.
Credit cards are the source of most financial problems for consumers.Debt consolidation is an effort to combine debts from several creditors, then take out a single loan to pay them all, hopefully at a reduced interest rate and lower monthly payment.This is typically done by consumers trying to keep up with bills for multiple credit cards and other unsecured debts.If you fall behind on one credit card, it can be an uphill struggle to catch up.When it reaches the point where you’re only making minimum payments on one or more of the bills, then it’s time to consider debt consolidation.The cons to debt consolidation are just as obvious: The debt is not forgiven or even reduced.