You can consolidate credit card debt even with a bad credit record if you use your head and make a plan. It is sometimes difficult to keep track of all of your accounts, and the different levels of interest that they charge. This can mean that you have no idea how much you owe, and when it is all due. Many South Africans live on credit, which means that whilst they are making their monthly payments the bills are still piling up. It may seem like there is absolutely no relief and you may feel like there is no way for you to get help. But this is not the case! Although it seems crazy, you can borrow money to pay off all of your debt from your bank which will leave you with only one payment to make every month. This is called a debt consolidation loan.
If you are not convinced that you can consolidate credit card debt even with a bad credit record then consider the following information carefully. If you approach your bank with a clear plan to pay back the debt you have based on your income and earning potential, and a clear record of the amount of debt you have, they may be able to provide debt counselling that will help you out. Approach them with this information, and ask for more information about debt consolidation loans. Debt consolidation loans allow you to borrow money from the bank to cover your entire debt, and pay it back monthly at much lower interest rates than your credit card. This is the relief you’ve been looking for.
If you’re living from month to month using your credit card as the only source of money that you have, think again. Approach your bank for a debt consolidation loan and you might be able to consolidate credit card debt even when you are blacklisted with a bad credit record.