More and more often these days we are helping clients with credit card debt consolidation. Credit cards are great if they are used appropriately. The issue we have been seeing is no clear exit strategy for eliminating the credit card debt. See below some examples of credit card debt that needs to be consolidated.

Primary Purpose of Credit Cards: (Intended)

  1. Used as accessible funding for emergency purposes.
  2. Streamlining payments – ie the credit card is used manage outgoings on a month to month basis and the full balance paid out each month.

Exit Strategy for Eliminating Credit Card Debt (Best Case)

  1. Escalating payments above the minimum required to enable paying the card off within a 6 month period.
  2. Consolidate credit card debt into a lower interest loan with a set term to reduce the balance to $0. ie 1, 2, 3, 4, 5 years.
  3. Debt Consolidation – Credit Card Debt Consolidation using your Home Loan

Example of Credit Card Debt that Needs Consolidation

  1. Credit card balances are consistently above the card limit.
  2. You can see you will be missing payments in the near future.
  3. Your credit balances are increasing even if you are making payments.
  4. You are using credit cards to top up your monthly budget.
  5. Your account has been referred to the lenders collection department.

If you can see any of the above circumstances occurring with your credit accounts, please make contact to discuss at the earliest opportunity. Taking action earlier produces better results in the way of lower interest rates, and also assists in protecting your credit file.

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