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October 9, 2019
What is the best way to consolidate credit card debt?

The Best Way To Consolidate Credit Card Debt:

 

When you are struggling with unsecured debt, especially credit card debt, it can feel a little overwhelming. It’s hard to know what you don’t know and it can feel confusing to know where to start. That’s why we believe here at Debt Quest that education is power. When you understand your situation, you can take control of the situation. So, what is the best way to consolidate credit card debt? How can you get control? 

Let’s take a quick look at a few of your options:

  1. Balance Transfers: Balance transfers are offers from other credit card companies to transfer the debt to a different card. This is a very appealing offer because often these offers have low or sometimes zero interest on the debt for a length of time. The hard thing with balance transfers is that they are only offered to people who meet specific qualifications and credit history. Not all people will qualify for these offers and they aren’t always easy to find. Balance transfer offers don’t come around every day. When you need help with your credit card debt, often you need help NOW. The other important thing to understand is that balance transfers still mean that you have the original debt. You have bought yourself some time, but you WILL still need to pay back the debt eventually.  
  2. Personal Loans: One way to take care of credit card loans is to get a loan some other way that doesn’t involve dealing with a credit card company. You can get a personal loan or take a loan from a 401k or home equity. However, these all come with their own risks, interest rates, and deadlines. You also still have to be able to get these loans in the first place and meet the eligibility requirements for these types of loans. If you don’t have 401k funds or home equity to borrow against, these are not typically an option to help with the credit card debt consolidation.
  3. Debt Consolidation: Debt consolidation is an option very similar to a balance transfer where you take multiple credit card debts and consolidate them into ONE loan. Ultimately, you will still owe the total amount that you originally owed, but these multiple loans are now in one spot. You’ll have ONE deadline, ONE statement, ONE interest rate to keep track of, and ONE amount of debt you’re focusing on. For many people this is a great option. This can usually be negotiated for you by a company like Debt Quest USA. We can help get options like these worked out for most Americans, even if you don’t qualify for things like balance transfers, home equity loans, and other personal loans. 

What happens if debt consolidation is not a great option for me?

If you’re still worried about your options at this point, don’t stress! At DebtQuest USA, we have a number of great options for consumers all around the country. We’ve helped manage millions of dollars of unsecured debt with debt management solutions, of which credit card debt consolidation is just one strategy. There are so many other options if you are considering other things. Debt settlement or even bankruptcy might be an option for you. Or, you might be eligible for credit counseling. 

Regardless of which debt management strategy you choose, we want to make sure you are using a strategy that works best for you and will be the right option for you. Every situation is unique, making your own strategy different from anyone else’s plan. Our team is here to help you make the best decision possible and understand your options. It’s about time you got that pesky credit card debt under control and went on to focus on bigger and better things in life!

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How Much Can You Save?

How much debt do you owe?

$1

$100k+

What is your desired
monthly program deposit?

$1

$5000

Debt Quest Debt Settlement

$500

Your monthly
program deposit

$5,750 Savings

Your Savings

39 months to pay off your
current debt listed above.

Your monthly program deposit:
$500

Your Savings:
$5,750 Savings

39 months to pay off your
current debt listed above.


Debt Consolidation or Credit Counseling

$500

Your monthly
payment

You pay $14,478 more

No Savings

79 months* to pay off your
current debt listed above.

*Assumed average interest of 15%

Your monthly Payment:
$955

No Savings:
You pay $14,478 more .

36 months to pay off your
current debt listed above.

*Assumed average interest of 15%


Paying Minimum Monthly Payments

$500

Your monthly
payment

You'll Pay $29,199 More than you owe currently

No Savings

9 years* to pay off your current debt listed above.

*Assumed average interest of 20%

Your monthly Payment:
$500

No Savings:
You'll Pay $29,199 More than you owe currently.

32 years* to pay off your current debt listed above.

*Assumed average interest of 20%

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