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Is consolidation the solution for credit card debt?

Very few Florida residents enjoy paying their bills each and every month. When those bills add up to far more than one's income, the task of juggling accounts and obligations can be extremely stressful. For many, high levels of credit card debt make balancing the monthly budget an impossible task. In such cases, the need for debt relief is both pronounced and urgent.

One way that consumers can gain control over their credit card debt is to take out a consolidation loan. This is a loan issued for the direct purpose of paying off your existing credit card accounts. Once that process is complete, the borrower then makes one monthly payment on the consolidation loan, thereby reducing the risk of incurring additional fees and fines on the credit card accounts and simplifying the monthly bill-paying process.

A consolidation loan can be a good fit for some borrowers, but many people will have a hard time obtaining a new loan due to existing credit problems. The issuer of a consolidation loan will review an individual's credit history before issuing the loan. The prospective borrower's debt-to-credit and debt-to-income ratios will be assessed. For those with longstanding credit issues, receiving a low-interest consolidation loan will be unlikely.

Florida consumers who are dealing with serious credit card debt should consider loan consolidation as one of many available debt relief options. Other choices include credit counseling and personal bankruptcy. There is a debt relief solution available for virtually any credit scenario, and with the right degree of research and tenacity it is possible to ease debt woes and move forward to a brighter financial future.

Source: Credit.com, "Can You Consolidate Your Debt With Bad Credit?", Gerri Detweiler, April 4, 2014

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