Spending, especially when people use their credit cards, is such a hard habit to break. They continuously endure the agony of spending in spite of imminent problems that tag behind once they get started.
And when things eventually get out of hand, most people will soon realize that they are already stuck with a mountain load of credit card debts. And mornings after mornings, they will wake up each day with worries in their head about how they can repay all of those instant splurges.
In order to get out of credit card debts, one way is by consolidation. Keep reading to learn how this can be done.
Make a balance transfer.
You can consolidate credit card debt through a balance transfer. By doing this, the person with a huge outstanding balance on his or her credit cards will be getting another credit card with a lower interest rate. Once approved, they should then get a cash advance immediately and use it to pay off their standing balance on the other credit card. They consolidate all of their payables into one credit card when this is done. Plus, they get to have only one rate to worry.
The job can be done with home equity loans.
Provided that it will be used properly, then this is a very workable strategy.
Getting a home equity loan is probably one of the easiest things to do. Best of all, home equity loans can offer tax deductions for the interest rate of the loan.
However, there is a drawback. Serving as the collateral is the debtor?s house. But even so, it?s still a good way of consolidating credit card debts. The money from the loan should only be used in paying credit card debts and this is the one important fact that the debtor should remember. It will only worsen the problem if it?s used on other things.
How to make use of retirement funds.
In order to consolidate credit card debts, there are instances wherein debtors can make use of their retirement funds. However, this should be made only if there are no other options available. That?s because with this type of consolidating credit card debts, things can be very tricky.
Did you know that loans on retirement funds are not actually tax deductibles? In fact, the problems sets in when they fail to pay back the loan within five years or when he or she will resign from work.
There are indeed, no nippy fixes when consolidating credit card debts. All in all, this would mean that if the person will stay out of debt, then all the better so they won?t have to worry about consolidation matters.
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Source: http://www.themoneynewspaper.com/how-to-consolidate-credit-card-debt-tips-and-tricks.html
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