You never intended to fall into debt when you first applied for that card. Your intention was that you would have an important backup for tough times and for surprises that came up such as births or the forgotten birthday gift for a friend. Your first card promised a prize point system and a spending limit of just $500. At first the card was great but then you got an offer for a better prize point system, a higher spending limit, and 0% interest as a promotional rate. Soon you owned as many as six different cards and the monthly payments were getting a little out of hand and it became hard to get track of when each was due. You become late on your card and so are punished by losing that interest rate and having it default to as high as 20%. The interest rate is tacked on and so is a late fee making your monthly minimum out of control. Soon you are behind on all your cards, find them maxed out, and a stuck.
How did it get to this point when you promised yourself you were going to watch what you charged and not let it pile up? Some may tell you that you didn’t follow through because you didn’t watch your spending and were irresponsible with your cards. The fact is that a recent US survey indicated that 66% of those polled believed that debt was a normal consequence of living in a demanding US economy. In today’s world we have cell phones, high gas prices, the need for the Internet, and things change constantly and unexpectedly. These are just a few reasons why your debt problem got out of hand and why you are having trouble getting out but it’s just a scratch on the surface. Today marketing experts spend a great deal of research getting people to buy more than they need. Many companies offer two products that are very similar but one is much higher in price. They are using marketing techniques to make you feel that the higher priced item, despite being very similar, is so much better and worth the premium. An example of this is when you go to a store wanting to buy a laptop. You have a brand in mind and a price range going in but coming out you ended up with a laptop similar to what you wanted but at hundreds of dollars out of your range. You figured you deserved the better product and could charge the difference onto your card and pay back latter.
Once you have been lured into spending over your budget then the card companies take over with high interest rates and fees that are meant to feed off your earnings and keep you in debt. The monthly minimums barely cover the interest charge and don’t pay towards the principle at all. Without help you would be stuck paying the same debt for forty or more years!
With a bad credit debt consolidation loan you can combine the many cards into one easy payment. You will have a lower interest rate with your bad credit consolidation loan and will be able to pay off the principle getting you out of debt. Another cred thing about a bad credit debt consolidation loan is that it will work with you to retrain your spending habits and get out of debt quickly. No matter how or why you got into your debt situation with a simple quote you can start to build your way out and stay out of debt!
Find out if bad credit debt consolidation is right for you by filling out this free quote request form now!