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Everyone has been in this situation. You have credit cards and you just go too far with them. Further then you can actually handle financially. Let’s face it; they are quick, fast and available. As with anything quick, fast and available, after the enjoyment has passed, the trouble comes. In the case of credit cards that trouble comes in the form of mounting bills with what seems like never-ending interest charges and fees. This leads to a mountain of debt and unpaid minimum charges, which in turn lead to a bad credit history, something no one ever wants to have.
This is one of the reasons the economy is so bad today-people got a lot of credit they just were not able to pay. Instead of filing for bankruptcy, you have another option. This option is to consolidate credit card bills and to consolidate bills in general. It is better for you and your credit history; and it is better for the economy as well.
If you decide to consolidate credit card bills or consolidate bills in general, here is what you can expect as a customer. You must go see a counsellor/consultant about this option and they will help you to consolidate credit cards so you can get out of debt fast. Before they do this, they will ask of you something’s.
First, they are going to want to know just how far in the hole you are. They will write down every bit of debt you have accumulated and total it up for you. You might be shocked to find out the full value of your debt load. Secondly, they are going to tell you to stop generating more debt! They can’t help you if you run out there and go on another shopping spree or get a new big screen TV. After all, you can only help those who help themselves.
Thirdly, they are going to ask you to list all sources of income that you may have. They will ask you if there’s a way for you to increase your income so you’ll have more money to help pay off the principle debt load. This may mean you will have to take a second job or at least a part time job on the side.
Fourth, once you have stopped gaining more debt and have your income figured out, they will then set down with your creditors and negotiate with them, by telling them that you will have to file bankruptcy if you cannot consolidate. Then they will, generally, consolidate credit cards with a deal that pleases you, the customer, and them, the creditors. With this you will hopefully have a greatly reduced interest rates and fees. After this is all settled away, you will HAVE to pay that one monthly consolidated bill every month. This will greatly help fix your bad credit history and relieve a lot of stress on you by only having to worry about paying one bill every month.
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