When huge credit card debts are playing havoc with your finances and budgeting, you could look at your alternatives for credit card debt consolidation. A financial crisis obviously means that you have multiple loans to clear, and this is the main principle that works behind debt consolidation.
What is meant by consolidating your credit is that you take one single loan that take s acre of all your other loans, credit card debts, overdrafts and mortgages. However, do not rush into it, before you have looked at other available options. Like, do you have any valuables that you do not need anymore? Even old CDs and books can be sold these days on sites like Amazon.com.
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Next, if you own a home of your own, maybe you could consider taking a loan on home equity, especially if your credit card debt is exceptionally high and may not be covered by debt consolidation. Also, ensure that you pay more that the required minimum payment that you need to pay monthly on the amount that is due on the credit card. This will also help a lot in reducing the burden. It may seem like a lot initially, but in the long run you will see that your debt has been eliminated within the next year or so.
If the situation has come to such that you are unable to get a debt consolidation loan at lower interest rates or at a rate comfortable for you, your next best bet would be to borrow some money from the life insurance policy of yours.
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