Debt Relief Part 3

Debt Consolidation:

Your goal in debt consolidation is to lower your overall costs. To accomplish this, you must get the lowest interest rate possible. You also need a plan to pay off your debts in 3 to 5 years. It will not be instant. Remember, you did not get here overnight so plan on a realistic time frame.

If you have a good credit rating, you may qualify for a low interest credit card as discussed in the credit card debt section. When shopping for a new credit card, be careful not to apply to more than a couple because they will do a credit check and if too many credit checks shows up on your credit report, it will hurt your overall score. Once you get the new care, transfer balances from the high interest card to the new low interest card. Destroy the old cards so you won