http://www.debt-consolidation-explained.com/credit-consolidation/credit-card-consolidation/credit-card-consolidation-loan/ Credit card consolidation loan companies want to help you out of debt, and a credit card consolidation loan can save you money. en-us Sat, 26 Jul 2008 15:00:00 EDT Sat, 26 Jul 2008 15:00:00 EDT Weblog Editor 2.0 A basic credit card consolidation loan could save you a lot of money, get you out of debt and improve your credit report. Sounds impossible, but it's not. You have credit card debt. Maybe you opened an account with every credit card company that offered you pre-approval or every merchant who offered you savings or ten percent off your current purchase. Ok, we've all been there. Those sales representatives are tough to turn down. But now it is time for some serious credit consolidation. The Benefits of a Credit Consolidation Loan Take all of those credit cards, add up your totals, then add roughly 18.9 percent to that total. That's how much money it would cost you to eliminate that total this year. Seems daunting doesn't it. That's why you need to look into a credit card consolidation loan. Look back at that original total before you added the 18.9%. Take that original total and that is how much you would need to borrow for a credit card consolidation loan. Now all you have to do is search for a credit card consolidation loan with an interest rate that is less than what you are currently paying. This should be easy. Most credit card consolidation loan companies do offer lower interest rates, which enables you to pay your credit cards off much faster than you would have been able to otherwise. (Possibly in as little as five years!) That's one of the benefits of a credit consolidation loan. Another benefit is that you only make one payment to the credit consolidation company instead of several payments to make to each of your credit card companies or departments stores. The market for credit card consolidation has grown tremendously over the years, and there are good and bad companies out there. Before you choose a debt consolidation company, do research so you know the right questions to ask to be sure you choose a reputable company. Don't trust a company that promises to erase your bad credit. Nobody can do that. They can help you repair your credit though. And don't trust a company that suggests that you get a new identity under a new taxpayer identification number. This practice is illegal. Instead, look for a company who will help you accomplish your goals legally. Non-profit companies are a good place to start your search. When you've found a company you're comfortable with, check with the Better Business Bureau to make sure there are no negative reports about the company. Once you find a reputable company, you could be on the road to a better credit future. Sat, 26 Jul 2008 15:00:00 EDT