The best time to Apply for a Credit Consolidation - Mortgage Guys
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When to Apply for a Credit Consolidation and When Not To

If you are like most people, then you have a credit card or maybe several that you use for particular purchases. Some people use credit cards for major purchases like airline tickets or hotel stays while others use credit cards for everyday purchases. Credit card use should be monitored carefully by the individual as purchases can easily get out of hand. Over time, you may find that you owe more credit card payments than you can afford. When this happens, it is time to consider credit consolidation.


What is Credit Consolidation?

If you are unfamiliar with credit consolidation, the term means to consolidate your debt into one monthly payment. A loan is provided by a lender that will be used to pay off all credit card debt. In the past, you may have been making five or six credit card payments a month. Now, with the new credit consolidation loan, you will be paying one monthly payment. This will free up cash for you to use for other things as well as give you peace of mind knowing that you will not be hounded by debt collectors.

Have you reached the point that credit consolidation is needed? Ask yourself the following questions to see if you need assistance.

Have You Fallen Behind on Payments?

Have you found that you are falling behind month after month due to being unable to make your payments? If so, it is time to consider credit consolidation. When you begin to fall behind, you can take on even more debt due to late payment charges. Avoid paying more than you should by applying to consolidate your debt.

Are You Making Just the Minimum Payment?

Are you making the payments on your credit card bills each month but only making the minimum payment? It is important to stay on top of your credit card bills and at least pay the minimum payment, but not paying any extra will lead to months, even years of trying to pay off the debt. If you cannot seem to get ahead with your credit card payments, you could benefit from debt consolidation assistance.

Are You Falling Behind in Other Areas?

As you are trying to keep up with your mounting credit card debt, are you falling behind in other areas of your life? Are you able to pay your mortgage payment or car payment? When credit card debt begins to affect other areas of your life, it is time to make changes. Consolidating your debt helps to create one low payment each month so you still have money left over to make other payments such as your car or mortgage payment.

At Mortgage Guys, we specialize in a number of services including credit consolidation. We can provide you with our lending expertise so that your credit card debt is eliminated. With one monthly payment, you can get your finances back on track and begin to enjoy life again without the stress of mounting credit card debt. Contact our office today to find out how we can help you.