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alternative to a credit card consolidation loan, you can work with your creditors and your budget to develop a plan to wipe out debt on your own.You might pay down your debts through a balance transfer or interest rate negotiation.If you’re one of the millions of Americans with overwhelming credit card debt, you may have looked into a credit card consolidation loan to tackle your debt.And while a consolidation loan for credit cards can be a good option when you have a lot of bills to pay off, there are plenty of alternatives to consider. Review your current financial picture and goals with a financial advisor or specialist certified credit counselor to determine the best plan for your needs.Here's what you need to know before deciding to consolidate student loans.Loan consolidation is when a borrower takes out a new loan to pay off several smaller student loans.

When Norm Bour was 24, credit was so hard to come by he couldn't get a gas station company credit card without begging.

This calculator is based on making the minimum repayment amount at a 18% interest rate.

Minimum repayments are calculated as a percentage of the closing balance, typically 2 or 2.5%, or a set dollar amount, usually around , whichever is greater.

Both put the control in your hands, which can be good or bad, depending on how disciplined you are.

Remember, you’ll need to not only put together a budget, but stick to it as well.