Credit Card Consolidation Loans Helps Both Households and Financial Institutions
Submitted by: PR Marketer
USA (OPENPRESS) May 30, 2011 - Statistics reveal that in the United States, the average credit card debt is pegged at $14,743 per household, with cardholders holding at least three credit cards. As of March 2011, 98% percent of the U.S. revolving debt of $796.1 billion is credit card debt. These figures reflect the how credit card holders in the United States have been trapped in the endless cycle of overspending and ballooning debt, given the common financial problem of high interest rates that consumers are bombarded with.
As a hub for credit cards and other financial information, CreditCardConsolidationLoans.org explains how reducing interest rates, lowering monthly payments, avoiding bankruptcy, consolidating bills for one monthly payment or merely getting out of debt at the earliest, as well as saving thousands of dollars are made possible through the credit card consolidation option. Essentially, opting for debt consolidation provides the chance of paying debt in a low interest scheme.
With credit card consolidation loans, companies can combine all their existing debts and put them all into a single whole payment. Doing this can benefit an individual in terms of time management and proficiency since it allows them to assess each interest rate better as well as save time from going to one company to another just to pay their dues, according to CreditCardConsolidationLoans.org.
CreditCardConsolidationLoans.org relates that some people can be possibly far from settling credit card debt for more than 20 years, given how the interest on their payments are increasing, resulting to the many escalating bills every month. In order to avoid these circumstances, the website suggests that some households can look into Christian debt consolidation loans service from a reputable and trustworthy ministry for assistance.
In addition, the consolidation process does not only benefit the person consolidating the loan but also the credit card company or bank. From the perspective of the credit card company, credit card consolidation is the process of expanding the consumer base of the company.
Credit card debtors struggling to find ways to end the financial stress and start restructuring their finances should check out http://www.creditcardconsolidationloans.org and learn how the credit card consolidation loans option can help.