Are you thinking about consolidating your credit card debts? If you have too many credit cards, consolidating them might be the best option.
There are several ways to do this. If you have never defaulted on any of your debts and have a good credit rating, you might be able to either transfer all your balance transfers to a new credit card or take out a personal loan to repay all your debts. For some people though, this method can be dangerous, as there is the temptation to use credit cards which now have an empty balance.
Don’t fall into that trap!
So, if you do transfer your debt from one credit card to another card or loan, make sure that you close all of the old accounts immediately. We have seen on too many occasions where people consolidate their debts, only to run them up again and end up with twice the amount of debt they originally had. If you allow this to happen you could head towards a financial disaster – bankruptcy
If you have already been refused an application for a new credit card or consolidation loan, then of course you will not be able to transfer the old debts into a new account. If you need to combine old unaffordable debt, there are other options available. These options may need a Debt Agreement or a Personal Insolvency Agreement.
At Get Debt Free we are industry leaders in the field of Debt Agreements and Personal Insolvency Agreements, so call us now to see how our agreements can help you become Debt Free. Call now on 1800 98 10 70.