• Skip to primary navigation
  • Skip to main content
  • Skip to primary sidebar

National Debt Relief

National Debt Relief - A+ BBB Accredited Business - Get Relief From Credit Card Debt, Medical Bills And Unsecured Loans

Talk to a debt counselor toll free:

800-300-9550

Get Relief From Credit Card Debt

Medical Bills and Unsecured Loans

  • Apply Now
    • Qualifications
    • Is This Right For Me?
  • Proven Results
    • Debt Relief Benefits
    • Credit Card Debt Relief
  • Debt Relief
  • Credit Card Debt Relief
  • Debt Consolidation
  • Login
HomeBlog Debt ConsolidationFour Foolproof Ways For Consolidating Credit Card Debt
Video Transcript

Free Debt Consolidation Quote

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.
  • National Debt Relief, LLC BBB Business Review
  • McAfee SECURE sites help keep you safe from identity theft, credit card fraud, spyware, spam, viruses and online scams

Four Foolproof Ways For Consolidating Credit Card Debt

October 20, 2012 by National Debt Relief

Man with briefcase out of focus with word DebtHas your credit card debt spiraled out of control? Are you unable to make even your minimum monthly payments? Are you being hassled or even threatened by your creditors or by debt collectors? Well, sit back, take a deep breath and relax. Here are four foolproof ways for consolidating your credit card debt that can get you out of trouble and reduce all that stress you’re experiencing.

Transfer all your debts to a new card

The first foolproof way to consolidate your credit card debt is to transfer all of your current debts to a new card with a lower interest rate. Today, many of the credit card providers are offering what are called 0% interest balance transfer cards. If you can do this, you will pay 0% interest for the first 6 to 18 months (depending on the card you choose), which represents a sort of timeout. This is time where all the money you pay will go against reducing your balance. If you have a decent credit record, you may be able to qualify for an interest rate as low as 12.99% when your introductory rate expires. You will have consolidated your debts at a lower interest rate and should be able to get out of debt much easier.

Get a loan

A second way to consolidate your debt is by getting a loan and using it to pay off all of your credit card debts. You should have a lower interest rate on the new debt than on the cards you are paying off. Your monthly payment on the new debt should be lower than the combined monthly total for the debts you’re consolidating and the new debt will have an interest rate that’s fixed instead of variable. When done right, a debt consolidation loan can fast-track the rate at which you get out of debt, improve your credit rating and lower the amount of interest you have to pay.

Refinance your mortgage

Do you have a fair amount of equity in your home – like $15,000 or more? If so, you could refinance your home, cash out your equity and use it for consolidating your credit card debts. To do this, you will probably have to have had your mortgage for more than 10 years – assuming it’s a 30-year mortgage. This is because during the first 10 years of that loan, you’re paying mostly interest. However, after those initial 10 years, you’ll be paying on the loan’s principal and will be creating equity.

Borrow from yourself

A third foolproof way for consolidating your credit card debts is to borrow from yourself. If you have a 401(k) retirement plan, you might be able to borrow from it. Most employers that offer 401(k) plans will allow their employees to borrow from the money that is in their accounts up to a total of $50,000 or 50% of the account’s value, whichever is less. If the value of your plan is less than $20,000 you may be able to borrow as much as $10,000. No matter how much you borrow from the fund, you will have five years to repay the money.

Do you have a whole life insurance policy? If so, you could borrow against what is called its cash value. There are several advantages to this. First, you won’t have to complete an application and there is no credit check. Second, you won’t have to repay the money you’ve borrowed based on some set schedule. For that matter, you won’t have to repay it at all if you choose not to.

Seek credit counseling

The fourth foolproof way for consolidating credit card debt is to find a credit counseling agency in your city. If not, it’s easy to find one online. Regardless of which way you go, you will have a debt counselor who will work with you to develop a payment plan and then “sell” it to your creditors. Once all your creditors accept the plan, you won’t have to pay them anymore. Instead, you will pay the agency every month. You will have consolidated your debts and should have a payment plan you can afford.

Do you qualify for debt consolidation?

National Debt Relief
National Debt Relief

National Debt Relief is one of the largest and best-rated debt settlement companies in the country. In addition to providing excellent, 5-star services to our clients, we also focus on educating consumers across America on how to best manage their money. Our posts cover topics around personal finance, saving tips, and much more. We’ve served thousands of clients, settled over $1 billion in consumer debt, and our services have been featured on sites like NerdWallet, Mashable, HuffPost, and Glamour.

Follow National Debt Relief: Facebook Twitter Instagram Linkedin

Primary Sidebar

Consolidate Your Debt!
Find out how NDR could help.
  • Get one low monthly payment
  • Avoid bankruptcy
  • Get out of debt in 24-48 months
Get Your Free evaluation
Free Debt Consolidation Quote
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.
 Trusted By Our Clients

"Rachel"

Rachel M. helped me with all of my questions if i have anymore debt in the future i will certainly use national debt releif the customer service was just amazing. She was super nice and very understanding of my issues.

Trustpilot star rating Trustpilot star rating Trustpilot star rating Trustpilot star rating Trustpilot star rating

amy pritchard
ConsumerAffairs Reviews

Latest Debt Consolidation Posts

  • Is A Debt Consolidation Loan Right For Me?
  • Step-by-Step Guide To Consolidating Debt
  • Debt Consolidation Loans For Bad Credit – A Good Idea?
  • Is A Home Equity Loan A Good Idea For Debt Consolidation?
  • 3 Hard Questions To Ask Your Debt Consolidation Company
National Debt Relief, LLC BBB Business Review AFCC Top Ten Reviews Gold Top Consumer Reviews Consumers Advocate Trust Pilot
Company
  • About Us
  • Contact Us
  • Blog
  • Careers
  • Corporate
  • Privacy Policies
  • Terms Of Site
  • Disclaimer
  • Sitemap
Products
  • Debt Relief
  • Credit Card Debt Relief
  • Debt Consolidation
  • Debt Settlement
  • Calculators
  • FAQs
Debt Resources
  • Credit Card Debt
  • Medical Debt
  • Personal Loan Debt
  • Unemployment
  • Divorce Debt
  • Retiree Debt
  • Veteran Debt
  • Business Debt
  • Personal Finance
Follow Us
  • Facebook
  • Twitter
  • Linkedin
  • Instagram
  • Pinterest

© 2021, National Debt Relief, All Rights Reserved.

Disclaimer
Disclaimer
Disclaimer