March 30, 2016

Debt Counseling

Tackling credit card debt isn’t a task you have to accomplish on your own. Most people don’t get into an average of $15,000 worth of credit card debt alone. Whether you are a generous person who buys gifts or simply want to support your family, it’s not uncommon to rely on credit cards. According to a recent article by Huffington Post, not all debt is created equal. In fact, some experts view mortgages and student loans as investments in your future. With debt counseling, you learn how to best eradicate your credit card debt. Having good credit is important for meeting financial goals. According to Huffington Post, there are different weapons to attack debt. A certified Christian credit counselor advises you on the best strategy.

Balance transfers

Some experts recommend you try a balance transfer to tackle credit card debt. Although you could get a lower interest rate, the problem is you are less likely to actually pay off the debt. In fact, many people run up even more credit card debt by adding a new credit card to the mix. Instead of a balance transfer, consider debt consolidation. After consolidating debt into one monthly payment, you have a real opportunity to see your credit card debt disappear.

Personal loans

Another option some experts recommend is to take out a personal loan to pay off credit card debt. With a personal loan, you have a certain amount of time to pay it off. You also get a set interest rate. According to Huffington Post, a personal loan is a good choice. If you aren’t sure whether you qualify, talk to a debt counselor about a Debt Management Plan that is similar to a personal loan. With a Debt Management Plan, you pay back all of your creditors. A credit counselors goes to bat on your behalf to help you obtain a lower interest rate. In the end, you take responsibility for what you owe your creditors. In many cases, people pay off their credit card debt 80 percent faster by agreeing to a Debt Management Plan.

Once you choose a strategy, stick to your plan. As time goes on, you will have more money in savings and less money owed to creditors.

Instead of tackling debt by moving balances around or taking out new debt, talk to a trained Christian credit counselor. At Christian Credit Counselors, we educate consumers about personal financial matters including debt repayment strategies, budgeting and saving. While there are pros and cons to balance transfers and personal loans, few experts can argue against debt consolidation. To avoid bankruptcy and debt settlement scams, talk to one of our counselors. For more information on debt counseling, please contact us.


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