While credit cards can be great tools to help us get past unexpected bumps in life's financial road, if we make poor decisions with the way we use them, we can get stuck with high fees and interest rates. This can be compounded if you've racked up large balances on several credit cards. If you find yourself in this situation, you might want to consider a debt consolidation loan to pull yourself out of this hole.

If you have several credit cards, each with a large balance, you realize that the interest rates are eating most of your payments. If you only pay the minimum across each card, often it will take years to pay them off. Even worse, if you are late, the fees are substantial. Before you get into deeper trouble, take a serious look at consolidating these debts into one secured green trust cash no credit check direct lender installment loans.

First, add up the balance on all of your credit cards. If you don't already have $1000 or more in savings, you should also factor that in as well to help keep you from reaching for your credit cards in the case of an unexpected expense. Ideally you would then shop around for a second mortgage to cover the amount of these debts. In almost every case the interest rate and payment on a secured second mortgage will be significantly lower than the combined interest rate and payments on your credit cards. There are many banks that can give you such a green trust cash payday loans without drivers license, and depending on the equity you have in your home as well as your credit rating, the interest rate might be very low.

Once you have secured the loan, pay all of your credit cards off completely. Some credit experts will recommend maintaining a balance on your cards, but if you goal is eliminating the payments and interest, the best step is to pay them off. Next, put your credit cards in a safe place so you won't be tempted to use them again. It's very easy to give in and buy something now on credit instead of waiting until you have the cash to buy it, but if you do this, you'll be adding to your debt instead of eliminating it.

Next, take the remainder (if any) and place it in savings. This money should not be touched unless you have a real emergency. Ideally it will keep you from reaching for your credit cards if your car breaks down or you have an unexpected medical bill. The key is to replace it immediately if you ever have to use it.

If you're able to take these two steps, you'll have a lower monthly payment as well as a lower interest rate. You'll also have a buffer to help handle the unexpected.

Once you get a handle on your credit cards, you'll be in a better position to develop and follow a budget, while at the same time giving you a bit more money to take care of the things you want instead of always reacting to the immediate needs. So take a hard look at your finances and decide if a debt consolidation green trust cash short term loan for bad credit is right for you.