What Happens if You Do Not Consolidate Credit Card Debt

writersgeekinc By writersgeekinc, 16th Nov 2012 | Follow this author | RSS Feed | Short URL http://nut.bz/lumu3tiw/
Posted in Wikinut>Money>Debt

This article is about What can Happens if You Do Not Consolidate Credit Card Debt

What Happens if You Do Not Consolidate Credit Card Debt

You have more than likely seen the commercials and read the multiple advertisements inside of magazines and newspapers that encourage you to consolidate credit card debt through any number of different companies around the world that specialize in this area of financial management. Many people respond well to those advertisements, truly understanding the urgency and seriousness of the issue of credit card debt overall and accurately trusting in the system of consolidation to provide them with the solution that they need. They make the phone call and are excited to consolidate credit card debt. However, not everyone feels the same way.


Many Do Not Want to Consolidate


Sadly, not everyone wants or sees the need to consolidate credit card debt. They shy away from this systematic approach to debt elimination, feeling that they can do it on their own and that further assistance is not necessary. You might be very familiar with both sides of the coin, clearly able to determine what happens to the people that choose to consolidate versus the people that do not. The people that do are able to combine all of their credit card debt and interest rates into one package that they can make payments on monthly to chip away at the cumulative total. However, what happens in the long run to most of the people that decide not to consolidate their credit card debt? How do most of them end up?


The Joy of Charging to Credit Card


The overall concept that you are able to use a plastic card that probably costs a few cents to make in bulk to purchase items and pay for transactions worth thousands of dollars is truly amazing! Many people look forward to getting their first credit card and enjoy it even more when they get their second, third, fourth and so on. However, while they are spending their money and maxing out the limits on those cards, it is very easy to forget about one thing - the bill. When the bill comes every month, you are reminded about all of those purchases that you made (whether planned or impulsive) as well as informed about how the continuous interest rate affects the total amount of money that you owe on that specific card. Managing one card is hard enough, but what happens over time when you have to manage several cards all at once?


You Are Not Alone


Once several bills start piling up from several cards every month, it is very easy to become overwhelmed with managing your finances and paying down the balances in a timely fashion before you are completely devoured by the interest rates. Many people are able to successfully do it on their own. Sadly, though, many are not. Credit card bills can easily slip through the cracks if you are not careful and continue to grow and grow without you even being aware of it. The best thing that you can do is take the necessary steps to consolidate credit card debt.



This will prevent you from having unnecessary charge-offs on your credit report and having your phone ring off of the hook with several different credit card companies calling you every single day looking for their payments. By bundling it all together into one bill and one payment, you will be able to effectively manage and consolidate credit card debt, making one single payment every month until you are completely out of the hole that multiple credit cards can easily dig for you if you allow them to do so.

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