Credit counseling through a reputable non-profit agency is almost always a better alternative.
Credit counselors work to help you negotiate with your creditors and formulate a debt management plan (or DMP) to help you pay off your existing debts.
Consolidation means that your various debts, whether they are credit card bills or loan payments, are rolled into one monthly payment.
If you have multiple credit card accounts or loans, consolidation may be a way to simplify or lower payments.
It will also help you understand whether you should be considering a transfer at all. But, if you pay off your debt using a no fee, 0% APR balance transfer, you can crush your credit card debt without paying a dime to the bank.
You can find a full list of no fee balance transfers here.
Debt consolidation is a means of debt refinancing that involves taking out a new loan to pay off other loans and credit card debt.
We also like the Platinum perks the card offers, including car rental insurance, trip interruption, extended warranty protection and price protection. RBC Cash Back Master Card The RBC Cash Back Master Card has no annual fee and offers a 1.9% promotional interest rate on balance transfers and cash advances for 10 months with no transfer fee for new cardholders!
If you are thinking about debt consolidation, you might want to first consult a non-profit credit counselor.
Many people get into debt because they can’t afford to make monthly debt payments on top of paying for daily living expenses.
But debt consolidation is not always the best way to deal with debt issues, and it has drawbacks you should be aware of before you move forward with it.
What’s more, there are several ways to go about consolidating debt, and depending on your circumstances, one method might make more sense for you than another.