Consolidation

Article by Joel Marks

The advertisements for credit card consolidation are still coming in fast and furious. At the moment, (and we don?t know how long this door will be open) you can still transfer balances, and consolidate high-interest debt over to low-rate credit cards. Some companies are still offering 0% interest rate on balance transfers, folks, those deals are a no brainer. Currently, your choices and options are plentiful, but don?t wait until it?s too late and miss out.Get Your Credit Card Consolidation Done RIGHT NOW! Mounting credit card debt and rising interest rates are prompting many consumers to start searching for ways to consolidate their credit card bills. In this economic uncertainty, most financial advisors and debt management experts say consumers should contemplate transferring high-interest balances to 0 percent or low interest credit cards if they qualify. The word we keep hearing across the board is, ?If you qualify to do balance transfers, now is the time, get it done right now.?

As you process the events of this current economic upheaval, the writing on the wall becomes crystal clear. Things are getting tighter. Those who qualify for credit card consolidation today may not qualify tomorrow, next week, next month or next year. The factors that are driving this potential dilemma are intensifying. Previously when a person mulled over credit card consolidation, they had more options than they could shake a stick at.

Obtaining Credit Card Consolidation Through HELOC If they owned a home, they could easily tap into the equity of their home and establish a line of credit. These loans, known in the industry as (HELOCs) Home Equity Lines of Credit, have interests rate that are much better than the high interest rates on most credit cards. Consequently, HELOCs have been an extremely popular credit card consolidation method until now. The decline in home values and the credit crunch means fewer homeowners can take advantage of credit card consolidation through HELOCs. Banks and mortgage companies are simply saying, ?NO!? It’s becoming harder than ever for a homeowner to refinance loan or obtain a HELOC due to the current credit crunch.”

Times Are Changing And Consumers Need To Move FastI hate to sound like a bearer of bad news, but remember when the new bankruptcy laws kicked in? People, who decided to wait to file bankruptcy, were in for a rude awakening. In the new system they have to qualify to file bankruptcy by passing an elaborate means test that literally, only mathematicians can figure out. And the bar is so high that debtors, who would have easily filed a chapter 7, are now being forced into a chapter 13, which many can?t afford. The point being, they should have filed prior to the new changes.

When it comes to credit card consolidation, the market has changed and is still changing, and you need to be aware. It?s time to proactive and start thinking strategically. That means, if you have a high amount of credit card debt, work towards getting your interest rates reduced right now! If a HELOC is not in the immediate picture, seek out credit card consolidation through one of the many companies that are still offering consolidation programs.