Consumers regularly have multiple revolving debts. The rate of interest is high, there is no defined term and charges are regularly incurred for late/missed payments. A credit card debt consolidation loan involves borrowing a sum of money to pay off credit card debt and make a single debt repayment each month to one creditor. The rate of interest depends largely upon the borrower's credit history. This will also determine whether the loan for consolidating credit card debt needs to be secured or unsecured.

Credit Card Debt Consolidation Loans - Lower Interest and Debt Repayments

The primary reason for consolidating credit card debt is to reduce the amount of money that goes towards servicing revolving debt each month. Whilst a homeowner with sufficient equity can take out a HELOC loan at an interest rate that is as low as 7%, charge card debt regularly accrues interest at well over 20%. Whilst making the minimum payment can reduce payments, this will only serve to extend the life of debt.

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