Credit cards are a part of almost every citizen’s lifestyle since these provide convenience in shopping and paying bills. The Canadian individual has an average of five credit cards in his wallet. People are so used to swiping their credit cards here and there and tend to lose track how much they actually spent. The amount on the monthly credit card bill often comes as a surprise. How can one manage five credit card statements and pay each on time? Not to mention other bills like the internet, cable, phone and utilities. Do you have enough cash to pay for at least the minimum required amount of your credit cards? Do you have cash to pay for your other bills? Or will they be paid again using some of your credit cards? Sadly, for those who are not able to manage their money properly, they end up getting deeper into debt. The first thing that anyone with debt has to do is be aware of how much all his debts are. Then, they can seek the help of financial experts to help them in minimizing and finally eliminating all of these.

One of the services that financial companies offer is debt consolidation which you can actually do with your credit card bills. This simply means that every month, you will be paying one amount for your credit card debt. If you do not want to spend for this kind of services, you can actually take matters into your own hands and consolidate credit card debt on your own. This is advisable for those who have relatively small amounts of monthly dues.

Try talking to your bank or lender and ask for a loan to pay off your debts and eventually owe just one large amount. Do-it-yourself debt consolidation gives you privacy but there are things you have to know first before finally deciding to do this.

You will not get the help of a financial counselor so you have to negotiate with your creditors. You will probably not get the best rate since you do not have a track record yet of debt consolidation. You will have to pay your debts in full and may have a hard time in negotiating the interest rates and late fees. So you should be ready for all these.
On the other hand, hiring the services of a counselor or a company can save you time since they work while you do your own business. Just provide them with all the information they need and just wait for updates. Since debt consolidation is their business, they know how to negotiate with different creditors and can lower down interest rates and fees for you. Not only that, they can even talk to your creditors to actually eliminate the late fees and interests so you only have to pay the principal balance.

So are you ready to do all the debt consolidation on your own? You can definitely get good advice by doing your own research and reading via the internet. Or would you like professional services for this aspect of your life? There are many companies willing to help you and again, they’re all around the internet. With just a few clicks, you can get helpful advice and find the right company.

Author's Bio: 

Rachel Schwartz is the Marketing Manager of BHM Financial - one of the most trusted names in the bad credit loan industry. This company may be able to help you reach your financial goals. Please visit our Bad Credit Loan website or our Blog and find out today.