How to reduce your credit card payments by half in one Month
One method that really does work, however, is debt consolidation. This financial tool has been around for years, and millions of people have successfully used it to get out of debt and improve their finances. Rather than rely on gimmicks and empty promises, debt consolidation is simple. A bank gives you a loan to pay off your current debts. That loan comes with payment terms that are better than what you currently have.
Debt consolidation is a significantly better option than refinancing or negotiating with your creditors. Because you work with a debt counselor, it’s possible to find a loan that has a payment that is half (or sometimes less) than what you’re paying now. This is done through a combination of negotiating with your creditors, giving you a lower interest rate, and stretching out your payment term.
If you’re currently unable to pay your credit card bills, or if you feel as if you’re just one disaster away from being unable to pay your essential expenses, then you have to do something to get your credit card payment lower. A debt consolidation loan will pay off all of your existing debts, and replace them with a loan that has much better payment terms. In some cases, the interest rate the bank offers you on a debt consolidation loan will be less than half of what you were paying. Instead of forcing you to pay off the debt in just a few months, a debt consolidation loan can be stretched out over several years. That gives you time to get back on your feet, find a better job, and get your finances back in order while still making progress on your debt. Once you’ve built up some savings, just pay off the loan early.