Using a Credit Card Debt Consolidation Loan as Debt Relief
by Gibran Selman

Your eligibility to file for a credit card debt consolidation loans depends on your credit history, also termed as a credit report. It is based on this report that your credit amount, limits and repayment terms are determined. A bad credit score can reduce the amount that may be sanctioned to you.

A credit card consolidation loan should be considered as the final step for resolving major debt-related worries, but there are certain criteria that remain attached to it even then.

I) The person must consolidate only to ease up the burden of paying hefty amounts every month.

II) The interest rate of the credit card consolidation loan must be lesser than what the person was paying previously.

III) The total payable amount must be equal to or lesser than what he was paying previously in fragmented forms.

IV) He must be willing to change his spending habits to not get caught in a debt trap. He should not consider it an easy way out of debt.

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