If you are carrying credit card balances and other unsecured debt, one possible solution to reduce debt is consolidation.  But you might not realize that you can consolidate your credit cards and other debt with several different methods.

Another important thing to realize is that the best option for someone else may not be best for you.  This can all be incredibly confusing, so today I am going to try to break down your debt consolidation options and outline the pros and cons of each.

Your own financial situation will determine what options you have available.  If you have very good credit, the first few options may be possible for you.  If your credit needs a lot of work, check out the options towards the end of the article to see how you may be able to consolidate your credit cards. (more…)

Most people who carry a balance on their credit cards would love to have lower monthly payments.  For many, it is possible to get lower credit card payments but it may not always be in your best interest.

Before we jump into how to get those monthly minimums lowered, let’s first take a look at the drawbacks.  Paying the smallest possible amount on your credit card balances means you will take longer to pay it off, thus paying even more money in interest and staying in debt even longer.

So even though lower monthly payments may sound attractive to most people, it can be fool’s gold for everyone who want to reduce debt. (more…)