Is your average debt amount more than $7000?

If so, then dude you’re in big trouble since the outstanding balance in the top 5 cities with highest credit card debt is $7000 with Washington topping the list.

  • Washington, D.C. Average card balance $7442.
  • Dallas. Card balance $7171
  • New York City. Average credit card balance $7145
  • Houston. Average credit card balance $7121
  • San Antonio. Average credit card balance $7070

Source: Blog.credit.com

How much can you save?
Monthly payment you can afford
$
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Don’t panic.

You’re the not the only one who is struggling with debt. The entire country is suffering from debt overload syndrome. The US credit card debt has crossed the $1 trillion mark in 2018. The question is not about whether consumers are financially weakening. Rather, the question is when consumers will stop their pre-recession habits and lead a healthy financial habit.

Alina Comoreanu, the senior researcher at WalletHub says 92% of consumers are quite confident that they will have less debt by the year-end.

  • 1 35% of consumers feel that it’s fine to increase credit card bills for the sake of traveling
  • 2 10% of consumers don’t remember why they incurred so many bills
  • 3 88% of consumers feel they manage their personal finances better than the federal government
  • 4 70% of consumers feel that another recession will hit the country in the next 2 years

What’s the way out?

Fortunately, OVLG is there to help you reduce credit card debt. Our Financial Coach has all the tips to help you cope with it. We have shared the top 6 tips below.

  • 1Consolidate credit cards into one payment through a credit consolidation program
  • 2Stick to the household budget and review it every month
  • 3Create an emergency fund
  • 4Look for new opportunities to combine credit card debt into an affordable repayment plan
  • 5Try to knock-off highest interest card quickly
  • 6Compare credit card consolidation programs and choose the best one

Find out what happens after you contact us

How to consolidate credit card debt

Once you know what credit consolidation is and how it helps you become the master of finances, you can reach us instantly. />

Click here to check the Video Transcript.


What is credit card consolidation?

Credit card debt consolidation is an effective way to solve financial problems. This credit card debt relief option helps you combine different credit card accounts with various due dates to one payment. When you’re researching on credit card consolidation programs, make sure you choose one that helps to improve your financial situation. Opt for a program that helps you lower your monthly payment.

Credit card consolidation pros

  • Can pay off credit cards quickly
  • Enjoy a super low-interest rate
  • Make affordable monthly payments
  • Take care of only one bill each month
  • No late fees and over limit charges
  • Fewer collection calls

Credit card consolidation cons

  • May get into debt again as you relax more
  • Some companies charge high fees
  • You may lose assets (secured consolidation loan)

When you should or shouldn't go for credit card debt consolidation

It's not too late yet. You still have a chance to save your wallet and credit score. All you need to do is consolidate credit card debt right now. But before you begin the process, let's find out a little bit about the scenarios when it will work best.

Should
  • Want to get a reduced interest rate
  • Wish to get a fixed interest rate
  • Wish to kick out debt fast
  • Want to pay one bill every month
Shouldn't
  • Can't even pay one bill on time
  • Have secured debts
  • Have enough money to manage credit cards
  • Don't know how much your savings will be

Best way to get out of credit card debt

1

Credit card consolidation programs

Scenario 1:
You want to switch from multiple payments to one

Best option to consolidate credit card debt:
Credit card consolidation programs

How it works:
Here you make only 1 monthly payment to credit card consolidation companies.

Effect on credit:
It has a positive impact on your credit score.

Tip: Check out the credit consolidation reviews and find out if the company is trustworthy.

Consolidation program
2

Balance Transfer

Scenario 2:
You can manage money very well, and your credit score is good.

How to consolidate your credit cards:
Balance transfer

How it works:
Here you consolidate credit cards into one card with 0% APR available for a very short period.

Effect on credit:
Your credit score may drop initially.

Tip: Pay off the entire balance within 6-12 months to avoid paying a high-interest rate.

Balance transfer method
3

Credit card consolidation loan

Scenario 3:
You want to get rid of debt now and have assets

How can I consolidate credit cards?:
Credit card consolidation loan

How it works:
Here you consolidate credit card bills into a personal loan and pay it off after a certain period.

Effect on credit:
It makes a positive impact on your credit score.

Tip: Check out the loan term and rate to avoid paying more than what you expected.

Consolidation loan

Credit card consolidation companies - Checklist to pick the best

  • Check the breakdown of fee structure
  • Check the affiliations
  • Check how long and how much to pay
  • Check their credit consolidation reviews
  • Check their industry experience

Wed Apr, 2019 Review: DS1 saved $3068.36

Wed Apr, 2019 Review: DS1 saved $3068.36
Client satisfaction level:
      

Hey everyone, my name is Darrell. I live in Texas and this story is a little embarrassing, but since Oak View law group helped me out so much, I thought I'd take a few minutes to share with you my story, and how they were able to help. I've always sort of worked in a line of work where over time was almost required. I've been working overtime for you know four or five years before this happened but basically towards the end of 2015. I transferred to a new company and while I said over time was going to be there around Christmas time. It kind of went away and they never came back so I was constantly finding myself in need of more cash. so I did the dumb thing and I started going with payday lenders but under the assumption that at some point overtime would come back. well a year and half later the overtime never came back and one payday loan turned into two and then into three and then to 4 into 5 and over the course of a year and a half I actually racked up about 11 grand in debt and there was no way I could keep making even the minimum payments on those payday loans and installment loans. so I was in a bind, so I started looking around at my options. I was trying to find a debt consolidation company online that could help me with this problem and a lot of the sites that I found they didn't seem credible. They didn't have really good reviews but when I found out OAK VIEW LAW Goup they were different. They had lots of good video testimonials, hopefully mine will be up there someday and their website seemed really really well put together and they seemed like they had their stuff together. so I decided to get all my financial paperwork together and give them a call and the gentleman who assisted me on that initial call he made it seem like it was no big deal. He's like he took all my information and he said don't worry we'll be in touch we've got this so what they did was they asked me you know of course who do I owe money to how much do I owe and then they asked me well how much can you afford to pay each paycheck. so we worked that out with them and I set up an automatic draft through them and I paid them every paycheck and overtime. let's see I started in I started in June of 2017 that was my first contact with OAK VIEW LAW group and today is January 31st 2019, that's about a year and a half and I am completely debt free that 11,000 I had racked up is gone. so I'm pretty happy about that they kept me informed throughout the process. They let me know when they contacted the the creditors, they let me know if a creditor made an offer and I could either choose to accept or or deny the offer and Oak View Law Group always gave me advice on whether or not I should take the offer and I usually follow their advice because it was it was always good and things have had a question I could always contact my customer service representative. mine was SANDRA GIBSON I usually emailed her, I never called, I think I called a couple times but she always got back to me promptly and quickly answered my question and everything was good, and yeah there really were no hiccups along the way they even a hurricane came through. Texas and we were out of work for a couple of weeks and OAK VIEW LAW Group was able to postpone my payment you know during that period which was really helpful. so I just another good thing about them they will work with you and your budget, um let's see what else oh yeah I'm supposed to say how much I saved because I did save a bunch like I said my total debt was 11 grand oh cool our group was able to settle it for about seventy four hundred bucks which is the savings of almost three thousand bucks which is awesome. I could have never done this on my loan but I'm sorry I could have never done this by myself, it was just too much to take care of, so I needed somebody I could that could that could do this for me and they were able to do it and, of course they deserve to be fade so the fees I ended up paying was $2,400. so even with what I saved that's still less than the eleven thousand that I initially dug myself into. so I consider that to be a more fair price and you know like I said the whole experience was was positive glad to be out of debt. I'm glad I found OAK VIEW LAW GROUP and if you find yourself in a similar situation I hope you have a OAK VIEW LAW GROUP a chance because um they really came through for me and I really appreciate it so. If you have any questions you know just pick up the phone a call because their help that's what they do and they're really good at it. so thanks for listening to my story and if you're in a bind like I was good luck, give oak view law group a call and they'll take care of you. Alright, Cheers


* Client names have been changed to protect privacy

Alternative options to reduce credit card debt

1 Credit card debt settlement:
The debt negotiators ask you to save a particular amount in an escrow account (usually known as a trust account) every month to accumulate enough money for settling credit card debt. Once you have saved a specific amount, they will start the credit card settlement process immediately. They will ask your creditors to lower your payoff amount in exchange for a credit card lump sum settlement. They will call creditors and negotiate till they agree to lower your outstanding balance and waive off late fees. Once they give their nod, debt negotiators will ask you pay off the amount agreed upon and complete the credit card settlement process.

2 Credit card debt management:
This credit card debt relief option is usually offered by credit counseling agencies to those individuals who are unable to manage credit cards with simple money management techniques. This option is different from both credit card settlement and consolidation. Here you get a smart budget plan from the counselors who negotiate with your creditors for a lower interest rate on your credit cards and a smart repayment plan. Once they convince creditors for reducing interest rates, you can start paying off credit cards as per the new interest rates.

3 Bankruptcy:
This is the best way to pay off credit card debt when your creditors are not ready to give you any kind of credit card help. You can file Chapter 7 or Chapter 13 bankruptcy depending on your financial situation to pay back your creditors. The US trustee negotiates with your creditors, sells your non-exempt assets within 3-4 months, and disburses payments amongst them in Chapter 7. However, in Chapter 13 bankruptcy, the scenario is completely different. Here the bankruptcy trustee gives you the option of paying off credit cards in 3-5 years through a court-approved payment plan.


Having problems with credit cards?
Call us at (800)-530-OVLG to get professional help

Last Updated on: Wed, 18 Jul 2018

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