Debt consolidation saved the day
Debt consolidation has been a life-saver for Alison Smythers who ran up a huge credit card debt three years ago.
Now that she is over the worst, she is prepared to talk to others about her experience and is not ashamed to admit that she had fallen severely into debt.
Looking back, she says that she honestly did not realise that she was acquiring more and more debt. She says: “Credit card debt is something that creeps up on you slowly. You plod along thinking that because you have paid the minimum balance, everything is okay. Then suddenly, you use your card to make one more payment and it is declined because you are over your limit. You think, ah ha, I will make my minimum payment and everything will be alright, but your minimum payments only touch the interest and do not reduce the credit. It’s at that point, that you start frantically looking around for another credit card or start filling in application forms for more credit.”
The same cycle started all over again for Alison and before she knew it, she was in way too deep. She considered many debt solutions and sought IVA advice and bankruptcy information. She finally opted for a debt consolidation loan.
She said that sleepless nights become a regular occurrence when that almighty bombshell dropped and she knew that she was in serious debt.
Alison was very happy with her debt consolidation loan. The entirety of her debt was condensed into one affordable monthly payment, which reduced the overall interest rate and allowed her to escape from debt and settle the balance much quicker.
Debt Advice News posted on 29/10/2007 14:17:04
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