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Is there a chance to consolidate your credit card debt in 2011?
Many people are looking to consolidate bad credit debt, especially high interest credit card balances in the new year.
By: Laura F Wolf Solvemybadcredit
There are many options available for consumers who are looking to consolidate credit card debt into a single, low interest rate product, let it be a new zero percent credit card deal, remortgaging or a personal loan that has a fixed term and repayment, and you can actually will know when you can finally get rid of your debt.
According to lenders and credit card companies many applications have been submitted in the end of last year and the beginning of this year already and people are looking to consolidate an average of £1100. But the options available for many are limited because of the debt being too big or their credit rating not allowing them to get approved for a better interest rate deal or personal loan.
Remortgaging is an option, still, however studies show that house prices are looking to drop further in this year, so the equity that can be used to consolidate credit card debt will also be reduced for properties that are mortgaged at the moment.
These customers are looking to face the worst times amongst all, as they might feel being cut off from many opportunities to consolidate credit card debt and improve their credit rating.
The good news is that there are many debt management companies in the UK that are currently helping customers who already have bad credit to find the best consolidation products that will solve their credit card problems and reduce their repayments in the new year.
Many options are available for people who have a sound credit rating to consolidate credit card debt but there are still solutions for those who have a bad credit rating.
Credit is likely to get tighter and more expensive during 2011 therefore it is advisable that you go ahead and seek solutions to consolidate your credit card debt as soon as possible.
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I have seen many people struggle with bad credit in the UK recently. We have to find a solution for eliminating debt and starting a new, debt-free life. More solutions: http://www.solvemybadcredit.co.uk/