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Harelik: Debt consolidation an option for dealing with credit card bills
By Angela Hawke on Mar 25th, 2010
Faced with increasing credit card debts, one option people may consider is debt consolidation through a consumer credit counseling agency.
In a recent piece for Bankrate.com, Justin Harelik received a letter from a reader who had transferred her credit card debt onto her parent's accounts. However, she fell behind on the payments for a time and is worried about the effect it will have on her parents.
Harelik noted that since the reader said she has a full-time job, she does have options for trying to pay off the debt. One of those is debt consolidation through a consumer credit counseling service.
"Typically, this option exists only when the accounts are still with the original creditor," Harelik said. "That is why you must act immediately."
Experts have noted there are a number of advantages that debt consolidation can present to a consumer. First of all, bills are easier to pay because they come on one statement rather than receiving a bevy of mail.
Perhaps the main advantage is that debt consolidation may provide consumers with a lower interest rate than they are currently paying. As a result, they may be able to pay off debt at a quicker pace.
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