As I write this, it is said more than 70% of American families are having difficulty paying their credit cards.
With this high percentage, it is not surprising to know that there is an increase in the number of people who are seeking to consolidate credit card debt.
But doing so is not as easy as it seems.
Here's why: by the time a typical person decides to get assistance, in this case, wanting to consolidate credit card debt, it is too late.
Most people are not aware of how out of control their credit card debt really is until they are past due by several months or worse they have not been able to pay their bills at all for multiple billing cycles.
Several things occur when this scenario happens: the persons credit score will suffer; subsequently no bank will want to allow additional loans from such consumer; and no credit card company will allow further or additional lines of credit.
This is not to say that those of you who are in this situation have no hope or solution.
After all, there is always a way out of debt, right? Did you know there is an effective way to consolidate credit card debt without approaching a bank for an additional loan, applying for a credit line extension or getting a new card? There is a way and you can take full advantage of it.
Many people have turned to this, in order to get their finances back on track, specifically for their unsecured debt.
One helpful way to solve your debt problem is to approach non-profit organizations whose specialization is to solve problems involving unsecured debts.
What they mostly do is deal directly with companies whom you are indebted to.
They act on your behalf to settle the problem with your creditor.
Now isn't this a good deal? Let me give you a little more detail about how you can consolidate credit card debt with these organizations.
The first thing you should do is approach one of these non-profit organizations.
Then you should talk about your case and not withhold any information that they want from you, relevant to your situation.
Most likely, they will ask you for the names of your credit companies, the amount of monies owed, and the amount of monthly bills.
These companies use this information so they can internally consolidate your debt.
These companies have well established reputations; therefore, they have vast connections with just about every creditor that you are most likely looking to consolidate.
Since these are non-profit organizations, creditors usually provide concessions either by reducing the interest rate, reducing monthly dues, or sometimes forgiving part of the principal balance.
These organizations have been around for over 10 years, and in most situations are deemed non-profit because the service they are providing is socially beneficial.
After the consolidation process, the organization will provide you the details of your consolidated debts and every month you will have to pay them the new combined dollar amount.
They will then distribute the amount to your creditors.
This way, you did not only find a way to consolidate credit card debt but you also do not have to deal directly with your creditors anymore.
Isn't it great? If are searching for a way to consolidate credit card debt, now is the time to action.
Otherwise, you might end up in real big trouble with your creditors to the point of facing lawsuits where no organization, non-profit or not can help you.
If you are having a hard time paying your monthly bills and you want a safe, legal and effective way to get out of debt, you absolutely should take a look at this kind of consolidation as a viable option.