Many of us have yet to hear of and learn of the concept and practice of card debt consolidation. I know I hadn’t thought of it on my own and didn’t learn of it until one of my friends and I were discussing money and she expressed an interest in this action called credit card debt consolidation. When I showed surprise and intrigue, she explained that one combines all balances on all credit cards into one credit card company or institution’s plan. This move means many things:

First, card debt consolidation means one can let go of having to “juggle” the bills, or of having to—as my mother would say—rob Peter to pay Paul: instead of having, say, six credit card bills (with six different interest rates, additional fees, etc.), you have one (with one annual fee, one interest rate, and one finance and processing charge).

Next, card debt consolidation means saving time. As with the above scenario, which more of us than not know all too well, the filing and figuring time is drastically reduced. And if one pays online, that time it would take to write checks, hit the mail box, etc. would shrink to a matter of about two minutes.

Next, card debt consolidation typically means a major reduction of interest and other rates in general. I know one person who has credit cards with up to 29% interest charges on each card. I know another person who did the wise card debt consolidation move and now has not only ONE single interest rate to be concerned with but has that rate down to something like 1%!

And finally, the card debt consolidation effort does not mean haggling and hassling and humiliation. Rather, depending on the government and/or financial institution you choose to go with, the application process takes about five minutes (or less, online, but be careful to find a SECURED site and therefore to take a little time researching that the offer is legit in the first place).

So, to cut your payments by 50 or 60 percent; cut your time down to almost nil; and shave years off your stress factor and therefore your aging process…you come out happier, healthier (at least mentally), and better off financially. Now that I think on the offers for doing card debt consolidation that I get in the post, I realize, too, that one could build up a better line of credit with one financial institution, having all amounts owed on one card, and having, essentially, a higher credit limit overall…higher than one might have on each individual credit card. Not that the goal here is to amass more debt, mind you….

Jim Mates, Norwich

Debt Programmes

Consumers are in debt more then ever today in the United Kingdom. The average credit card debt is rising and many people and families are finding it difficult to find a way to manage their debt and find a way to get out of debt.

Credit card debt programmes have one purpose which is to help people successfully manage their debt. However, there are many different types of debt programs available depending on the unique needs of each individual.

Some debt programmes focus on developing a budget and learning to live within that budget. For many people who struggle living from pay cheque to pay cheque, the basics of both budgets and budgeting is not only what is needed but is also the primary step in any financial goal.

For those people already in debt, one debt programme to consider is credit counselling. There are many community agencies that offer free debt counseling. For many people, this is a good step to learn what options are available to manage their debt and which debt program or debt programmes would be best.

Debt consolidation is one type of debt programme many consumers choose to use. In some situations, debt consolidation programmes are a useful tool. If you have several current loans you are making payments on, debt consolidation is an option to consider. It can make it easier to manage your debt because you will have only one loan instead of several. You will only need to make one payment each month. Also, your monthly debt payments may even decrease if you consolidate since this debt program stretches your payments out over a longer period of time. This means that you’ll pay out less each month which has the added benefit of giving you some cash flow every month.

In severe situations the consumer may look at the possibility of debt negotiation. This is a debt program in which creditors are contacted about reducing the actual debt owed. Some credit counsellors may speak with the consumers’ lenders and arbitrate for a pay off less than the full amount. It should be expected that this debt program will affect the consumer’s credit history and credit ranking.

Once debt is under control, perhaps the wisest debt program for the consumer is to engage in planning for the future. Financial planners are available to help consumers invest and plan for a secure financial future.

Consumers have many debt programmes available to them manage their finances and plan for the future. Before entering into any financial agreement or debt program, it would be wise to seek counsel from financial planners or credit counsellors as to which debt program is right for you.

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