Credit card debt consolidation programs focus on combining all of your credit card debt into a single program, a single account, a single loan, or a single payment.  Debt consolidation does not eliminate any of the debt owed but it does allow you to reduce your monthly payments or overall balance if your debt can be consolidated with favorable terms.

A credit card debt consolidation program might include one of the following:

  1. Consolidating multiple credit card accounts  into a single low interest credit card program
  2.  Consolidating multiple credit card debts into a single low interest loan which will be used to pay off the credit card debt
  3. Using a debt relief management company to negotiate with the credit card companies for lower payments, lower interest rates or a lower balance. They will also  manage payments to the credit card companies on your behalf

PCS Credit Card Debt Consolidation Benefits:

  • Consolidate Credit Card Bills Into One Program
  • Lower Your Monthly Payments or Balances
  • Lower Your Overall Interest Rate
  • No Home Ownership Required
  • Professional Financial and Debt Management Services
  • Free Debt Advising
  • Superior Account Management

Credit card debt consolidation may be a good option for you if you:

  • Have the ability to pay off all or a portion of the debt
  • Will not have a problem making a monthly consolidated payment

Credit card debt consolidation may not be good option for you if:

  • You can’t afford to make the monthly consolidated payments even if the payment is reduced
  • You can’t borrow the reduced amount
  • You can’t get a reduced interest rate by consolidating your debt

Other things you should consider when evaluating whether to pursue credit card debt consolidation:

  • You may be able to pay off your debt faster, or it may actually take you longer to pay off your loan, depending on the negotiations during the credit card debt consolidation process
  • You may incur points on your credit history
  • Debt consolidation is less forgiving when a payment is late

If you aren’t sure what your current credit rating is you can get a free report from annualcreditreport.com.  They offer one free report a year from each of the credit reporting agencies:  Transunion, Equifax, and Experian.