Consolidating high interest rate credit cards

11-Apr-2017 04:13

Think of debt consolidation as a useful tool for getting your finances in order.Just as you wouldn't use a screwdriver to hammer in a nail, debt consolidation isn't a one-size-fits all solution.The first step in selecting the right product is to assess your current debt load and determine what can - and can't - be consolidated.Credit card debt is one of the most commonly consolidated items.

There are many different ways to consolidate your debt with PSECU.

You have multiple options for debt consolidation: Each option has advantages, disadvantages and challenges.

Here’s a closer look: If you’re struggling with debt, you may have already been approached by companies that promise they will help you wipe out your debt. Such companies may charge you hefty fees for consolidating your debt, and it’s possible to wind up even further in debt if you don’t fully understand the company’s fees and conditions.

The majority of the time, a debt is reported as settled even if it’s reduced interest because the consumer didn’t pay as agreed, but they could agree to report it as paid in full.

If the full interest amount agreed to in the contract is not paid, they have settled the debt, not paid it in full, so that is what is generally reported.

There are many different ways to consolidate your debt with PSECU.You have multiple options for debt consolidation: Each option has advantages, disadvantages and challenges.Here’s a closer look: If you’re struggling with debt, you may have already been approached by companies that promise they will help you wipe out your debt. Such companies may charge you hefty fees for consolidating your debt, and it’s possible to wind up even further in debt if you don’t fully understand the company’s fees and conditions.The majority of the time, a debt is reported as settled even if it’s reduced interest because the consumer didn’t pay as agreed, but they could agree to report it as paid in full.If the full interest amount agreed to in the contract is not paid, they have settled the debt, not paid it in full, so that is what is generally reported.To apply, please speak with one of our Member Service Representatives.