Many of Americans who get into serious financial problems, can’t consolidate credit card debt, turn to debt-counseling services. If you intend to file for bankrupcy you will firstly need to go through credit counseling, that is according to bankruptcy law excepted in October 2005.
Credit counseling offers education to consumers about how to avoid incurring debts that cannot be repaid. This process is actually more debt counseling than a function of credit education.
Credit counseling often involves negotiating with creditors to establish a debt management plan (DMP) for a consumer. A DMP may help the debtor repay his or her debt by working out a repayment plan with the creditor.
You don’t need consumer debt counseling if you are able to pay your bills. With high interest rates you can negotiate a lower rate with your credit-card companies just by asking.
Credit card debt is open-ended or revolving credit, so shifting balances from one card to another isn’t going to extend the loan term. If all of the credit cards are at the same interest rate, so that’s not a reason to move balances.
A balance transfer to another credit card at a lower interest rate could help you pay down your balances faster because more of your monthly payment would be going toward principal instead of finance charges.
As for credit card debt you can consolidate debt online.
