Credit card debt consolidation is a symbol of the 21st century as it exposes the massive credit usage of this generation. Companies have made credit access exceedingly easy and they take advantage of those who cannot pay their balances in full each month. They are even so "generous" as to increase the limits for their "preferred" customers. When these preferred customers then try to reform their detrimental behavior by seeking a credit card debt consolidation, it is done with the most incredible juggling act - transferring balances to lower interest rate cards using their overextended credit history as collateral. Easy-to-use credit card checks have accelerated the use of credit lines via finance charges and cash advance fees they generate. Therefore, the act of consolidating cards has taken on an autonomous life as borrowers juggle debt from one company to another seeking 0% interest rates for short term relief. When the borrower finally wearies of the juggling act and decides to take a proactive stance toward consolidating credit cards, it must be done with a definitive plan and with a decisive attitude. To assure absolution of consolidating, people must start with putting all the cards on the table - literally. People must begin with a full awareness of the depth of the situation that most borrowers tend to ignore in fear. This information should then be disclosed to the creditors along with a detailed plan of how the borrower expects to eliminate the excess and assure that the credit card debt consolidation will result in a clean slate without a frenzied relapse. Explain the situation and ask for the creditor's help in making the plan work, which in turn will assure them that accounts receivable are covered and ultimately paid in full by cooperation. Default in this situation could end in a financial disaster not only for the borrower, but in loss of anticipated repayment for the creditor if the borrower ends up having to file for bankruptcy.
Once a company is found willing to accept the transfer of two or three other companies' balances, close those zeroed accounts, people need to cut up the cards and never reopen them. Then, they can focus on paying every open account's monthly payment, even if the payments must be smaller than creditors demand. Credit card debt consolidation usually makes the combined balance more manageable especially if a lower interest rate is provided. But, if there are multiple other accounts involved that were not part of the consolidating effort, it may take some time to get them all reduced to a manageable level. Don't panic during the time it takes to see the final results of eliminating the total debt burden. It took less time to build the debt, but with a steady pace, the time to destroy the debt will be completed. "Wealth gotten by vanity shall be diminished; but he that gathereth by labour shall increase" (Proverbs 13:11).
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