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Credit Card Bill Consolidation

May 1, 2012 by Adam Tijerina

Back in the 1950s, a comedian named Eddie Lawrence recorded a monologue titled “The women stressed credit card bill consolidationOld Philosopher.” He began by saying something such as “Hey there, friend. You say you lost your job today and your daughter’s dating a convict? Then, after a pause, he would ask, “is that what’s troubling you, Bunkie?” That might have been funny back then but what’s troubling most Americans today is credit card bill debt, which isn’t funny at all. In fact, many American families are seeking credit card bill consolidation as a way to get out from under their debts.

What credit card bill consolidation isn’t

What credit card bill consolidation can’t do is get rid of your credit card debt. In general terms credit card bill consolidation is just a way to move your debts from one source or sources to another. For example, you might take out a debt consolidation loan, which will transfer your debt from your existing creditors to a bank or credit union. In most cases, your new lender will require something as collateral to “secure” your loan, which could well be your home.

Moving high interest debt to a lower interest credit card

One way to achieve credit card bill consolidation is to transfer debt that you have on high interest credit cards–18%, 20% or higher–to a lower interest credit card. There are several advantages to this. First, you should have lower monthly payments because you will have a lower interest rate. Here’s an example of what I mean. Let’s suppose you had a credit card where you owed $8,000 at 18%, a second for $6,000 at 16% and a third card for $2,000 at 18%. In this case, your total monthly payments would be about $386. You could reduce this to around $320 by transferring the $16,000 to a card with an interest rate of 12%. Second, if you are being harassed by collection agencies you can pay off your cards and stop those threatening phone calls.

Debt consolidation company

A second form of credit card bill consolidation is to go on to the Internet and find a company that specializes in debt consolidation. These are companies that will negotiate with your creditors to develop a repayment plan–usually at lower interest rates than what you are currently paying. You will send the debt consolidation company a payment each month and it will use the money to pay your creditors. In some cases, the company will put your money in escrow and not use it until it has negotiated a satisfactory repayment plan.

Debt relief or debt settlement

A third avenue to credit card bill consolidation is what’s called debt settlement. This is where you negotiate with your creditors to settle your debt for less than you actually owe.  You will need strong nerves to do this because you will have to stop making payments on your credits and will have to steel yourself for all the ugly calls you’ll get from collection agencies. Plus, you will be required to pay your debts in the form of one-time, lump sum payments. Or you may be allowed to pay it off in just a few months.

In comparison, with debt relief you can get your debt reduced, lower your interest rates and have more time to pay it off. And yes, you can negotiate debt relief yourself with your creditors. However, this is not a very good idea unless you are a very skilled negotiator and have a very strong will.

It is for these reasons that many families have turned to debt relief companies. One good example of these companies is National Debt Relief. It has a track record for being able to negotiate debt relief plans with credit card companies for credit card bill consolidation that reduces your debt by 50% or more and lowers your interest rates so you can become debt free in as few as 24 to 48 months.

Do you qualify for debt consolidation?

Adam Tijerina
Adam Tijerina

Adam Tijerina is a personal finance expert for National Debt Relief, a BBB A+ accredited business offering debt settlement services since 2009. Adam knows a thing or two about debt resolution after successfully settling $43,250 in credit card debt on his own. He has also co-authored two books about overcoming adversity and has been featured on Credit.com and USNews.com. Adam holds a Bachelor’s Degree from Trinity University and lives in Texas with his wife and four children.

Follow Adam Tijerina: Linkedin

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By clicking "Get Free Quote", you agree that the phone number you are providing may be used to contact you by National Debt Relief (including autodialed and prerecorded calls, as well as text/SMS messages). Msg. and data rates apply, and your consent to such contact is not required for purchase.
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Moderate National Debt Relief Caller: Misty Transcribed WE 3/28/2021 Misty: The call, it may be recorded. Can you tell me do you recall how you heard about NDR? KYLE: I googled it, and then it went to Better Business Bureau or whatever it's called. And you guys have the highest rating. Misty: Which service did they actually provide for you? KYLE: So, basically, I enrolled all my credit cards into the program. And I stopped paying. And then, the lawyers reached out to the company's lawyers. And they've been settling, stuff like that. Misty: How would you describe your interaction that you had with your representative that you worked with on getting everything squared away? KYLE: Oh, it was excellent. Misty: Do you feel that the door of communication is still open if you have any questions or concerns? KYLE: Yes. Yes, I actually have been meaning to call you guys, too. [Laughs] I just haven't had time, but yeah. Misty: How did NDR work with you on your payment plan? Do you feel that they're flexible if you need to change the date? KYLE: Yeah. Yeah, if I ever had to. I don't need to, but I know that if I ever had to, I can just call them. Misty: What are your thoughts on the cost in relation to the quality of service you've received from them? KYLE: I'd say 10 out of 10. Misty: How has working with NDR impacted your life so far? KYLE: It's helped out a lot. I was really underwater with bills, and now I can breathe. And I managed it a whole lot better. Misty: Have you actually finished the program or are you still working through it? KYLE: Still working through it. I got one more card to settle. Misty: But we're making progress though, right? KYLE: Absolutely. Yeah, I think one of my cards was 17,000. They settled it for 6,000. That was pretty cool. Misty: Are there any other comments or even any suggestions on how they might improve their service for you? KYLE: Well, what I was gonna call them about was just as far as the payments that I make, and is there an actual date as to when it stops at 43 months, or if that was an estimated date? So, I guess I should have gotten more clarification in the beginning. But that's kind of what I had questions about. Misty: Well, that brings us to the star rating, which is 1 to 5. So, how would you rate your experience with NDR at this time, and 1 would be very dissatisfied, 5 is that you would recommend them to a friend at this time? KYLE: A 5. Misty: What would you say to that friend who asked you about it, just maybe one or two things you might tell them before they decide who they're going with? KYLE: That your credit is gonna take a hit, but it's gonna bounce back, and you'd be fine. Misty: Would it be okay if we shared your feedback on ConsumerAffairs.com for others to read it or in a similar point in their life where they're like, “I'm not sure who I need to go with,” but they can read reviews of people that have started the process with NDR? KYLE: Yeah. Is it gonna have my first and last name on the review? Misty: No, sir. Only first name, and we do not publish any contact information. KYLE: Okay. Yeah, that’s fine. Misty: I have kylecunningham1873@gmail.com. KYLE: Yes, ma'am.

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Kyle Cunningham
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