Consolidating Credit Card Debt

Consolidating credit card debt is the process of placing numerous credit card debts into one loan. In general, consolidating this debt can be helpful if it helps to make payments more affordable, reduces the total monthly payment or helps to get the borrower a lower interest rate. In addition, those who have numerous credit card accounts may consolidate their debt onto one line of credit which helps to make payment easier since only one payment is made per month. Consolidation is a form of debt settlement only when the funds being paid back are decreased in total value.

Fast Facts

    • 26 percent of Americans do not pay their bills on time, according to the 2009 Financial Literacy Survey.
    • Among African Americans, according to the 2009 Financial Literacy Survey, 51 percent do not pay all of their bills on time.

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