Many people with a high amount of credit card debt turn to bad credit debt consolidation loans in the hopes of getting out of debt, improving their credit score, or both. However, there are many who feel that getting a debt consolidation loan for credit card debt is a bad plan and offer alternatives to doing so.
Anyone with a lot of credit card debt typically wants to put all of that debt into one place, with a debt consolidation loan, but even with a low interest rate, paying off a large sum may cost more over the long run.
So, what many financial advisors tell those with a large amount of credit card debt to do is focus on one card at a time. While some will say work on paying off your cards from smallest amount owed to largest and others say highest interest rate to lowest, it comes down to simply budgeting.
Getting out of credit card debt, for anyone that is serious, needs to be done through a change in spending habits. People who spend more than they have will always end up in debt, especially when using credit cards, as they are easy to slide across the counter for any purchase.
Making a budget, weekly or monthly, that you can stick to, having money on-hand for purchases and attacking credit card debt one card at a time is going to not only go a long way in getting someone out of credit card debt, but also keeping them out of debt as well.