Credit card debt consolidation help?

ng k asked:



My credit card debt lately anyone here could enlighten me on resolving this issue in local context im malaysian.

My credit card debt lately anyone here could enlighten me on resolving this issue in handling my credit card debt lately anyone here could enlighten me on resolving this issue in local context im malaysian.


Philip

Tags: Card Debt Consolidation, Credit Debt, Debt Consolidation Help

This entry was posted on Tuesday, June 9th, 2009 at 4:37 pm and is filed under Debt Consolidation. You can follow any responses to this entry through the RSS 2.0 feed. Both comments and pings are currently closed.

2 Responses to “Credit card debt consolidation help?”

1. zapto h Says:
   June 12th, 2009 at 5:04 am

   Carolyn

   In Malaysia, the amount of people in debt is still on the rise. People have relied heavily on their credit card, car loan, home loan and personal loans. These avenues of finance carry very high interest rates especially credit card loan and with that people can dig themselves deeper and deeper into debt.

   One of the options which people have sought out to help reduce their debt payments is the debt consolidation loan. Credit Counseling and Debt Management (CCDM) Agency established by Bank Negara Malaysia (BNM) is a legitimate agency that offers you a consolidation loan, debt reduction service, or financial assistance in any form will not charge you for the consultation. They will first assess your financial status and will state up front whether they can actually help you or not. You must stay away from so-called non-profit lending institutions that ask for donations or contributions outside of your loan payments.

   This option allows you to consolidate all the card debts, personal loans etc into one loan, which by itself has a lower interest rate. As a result you end up paying less per month compared to what you were paying compared to all the other individual payments separately.

2. jan d Says:
   June 14th, 2009 at 6:32 pm

   Tyler

   Before consolidating your credit card debts, it is important to carry out thorough investigation to determine its suitability for your condition. Many credit card companies and banks provide debt consolidation services to their customers. To start the process, it is important to scrutinize your debt properly. Write down the interest rates charged on various cards. If the new rate is far below average of the old one, then opt for consolidation as it will be cheaper for you. After you get all the information, contact a professional, to assist you with the consolidation, and get the best offer.