Consolidating credit card debt with bad credit
A few weeks ago, while in line at the grocery store, I glimpsed a woman whose wallet held more credit cards than I’ve ever seen in one place.Her straining pocketbook held the financial equivalent of a Baskin Robbins — it looked like she had an entire 31-flavor buffet of credit cards.
Carpe Match helps you accomplish this in less than 60 seconds, by using our new technology platform to match you with the best loan for your specific financial profile.
And remember, loans for lowering debt payments are not just bad credit loans as many people might relate them to be – but rather are personal unsecured loans to help all credit types consolidate debt and simplify their financial situation.
You still owe and must pay 100 percent of the principal, but the purposefulness is to cut misunderstanding and shorten the procedure by owing one creditor instead of many, while also perhaps dropping the interest rate. These businesses will reach out to your creditors and sell to cut your debts in half to recover their chances for repayment of some money.
It's significant that you find dependable companies that don't put you in a larger monetary mess than you may already be in.
In an ideal consolidation world, Pete would be able to pay off all four of his loans with a single, larger loan that averages out to a lower interest rate than his current debts carry.
Not only would he be able to simplify his payments, but he’d lower them, as well.
At the very least, Pete could lower his monthly payments by getting a new loan with a longer term length — up to 30 years in some cases.
While this will mean he’ll pay more interest in the long run, it may help him better manage his payments in the short term, helping to prevent missed payments or even default.
For some, a good way to get a handle on their debt is to get it all in one place through a debt consolidation loan.