Credit Card Consolidation

Credit card companies typically require a small minimum monthly payment. While it may seem convenient, it can trap you: The purpose of the minimum payment is to prolong the amount of time it takes to pay off the balance, keeping you in debt. In some cases, it can take up to 20 years to pay off balances.

Credit card companies make money by charging interest on balances. Their interest is profit, not helping you get out of debt, so the longer it takes you to pay off your balances, the more money they make.

See the example below:

Source: (Minimum Payment Calculator)

In 2009, Congress passed a bill requiring credit card companies to provide consumers with detailed information about how long it will take them to pay off their debts by making minimum payments. When you open a new card, make sure you are informed about what minimum payments can cost you, and beware of paying more than you should.

Juggling multiple credit card balances is stressful. We will help you manage your payments by rolling them into a single amount owed. That way, you can focus on paying down your debt without scrambling to find the money to pay off various creditors.

Making minimum monthly payments to multiple companies with varying interest rates can make it difficult to know just how much money you are losing over time. Consolidating your credit card balances can help you escape the minimum payment trap that results in paying inflated amounts in interest over time.

Transferring balances between credit cards can be tricky. However, in some cases, it can help you get out of debt.

How It Works: Balance transfers involve moving your credit card balances to a separate card with a new credit limit and a lower interest rate. We will help you negotiate the best terms for your transfer, including a feasible payoff period.

If you have a good credit score and your debt to income ratio supports the amount of debt that you owe, you may consider a debt consolidation loan.

How It Works: This option involves applying for a new loan – with more favorable interest rates – to pay off your high-interest credit card debts. Then, you will work with your creditor to pay back the consolidation loan.

If your credit is poor, a debt consolidation company can help you negotiate the terms of your debts.

How It Works: Debt consolidation programs focus on reducing your credit card debt by negotiating with your credit card companies. This option is best for those who do not meet the credit and income requirements for a balance transfer or consolidation loan.

See What Our Customers Say

“I am retired and I will be turning 72 this year. Oh boy I have been so stressed with all these credit card payments. Not only do I make my payments on time, but I never seem to see the balances go down…CountryWide Debt Relief… programs would not only keep my monthly payments affordable but he gave me a light at the end of the tunnel. Finally I am so relieved that my payments will eventually get me out of this debt without doing bankruptcy..”