Wednesday, March 30, 2005

Credit Card Debt Consolidation

Credit Card Debt Consolidation in Australia

There are several choices if you are looking to consolidate credit card debt in order to achieve lower weekly or monthly repayments.

It may be possible to combine all your debts into a single debt in the form of a personal loan, mortgage refinancing, or home equity loan. A riskier solution is to switch your debts to a new credit card that has a lower interest rate or which is offering a low introductory rate to induce you to switch. If you are a person who cannot control your spending then do not use the last option.

If you are securely employed and have the capacity to make smaller monthly installments then a personal type loan is a good option. Repayments are reduced by extending the term of the loan and a lower interest rate. The repayment schedule can be tailored to your pay periods.

Home-owners have the options of refinancing their existing mortgage and folding the consumer debt into the new mortgage, or withdrawing some of the equity in their home and using this to pay off the debts.

Whichever method is chosen, you need to be aware that if you don't change your spending habits you will end up with even worse debt problems.

More info onCredit Card Debt Consolidation

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