How To Consolidate Credit Card Debt
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Peter Kenny
Apr 22, 2013, 4:40:03 AM4/22/13
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Article Title: How To Consolidate Credit Card Debt
Author: Peter Kenny
Word Count: 571
Article URL: http://www.isnare.com/?aid=142764&ca=Finances
Format: 64cpl
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It is so easy to get heavily into debt on credit cards that you within a few months or even weeks you could find yourself not being able to keep up with the repayments. If this is the case, then you should think about consolidating your credit card debt. Consolidating your debt can make it easier to manage your money problems as well as helping you to save money. Here are some useful hints about consolidating credit card debt.
What is consolidation?
Consolidation is where you take all of your debts and combine them into one debt. For example, if you have 2 or 3 credit cards with a balance on them, you could get one credit card to cover all of the debts and transfer each balance onto this card. This way all of your debts are covered in one place and you only have one bill to pay.
How to consolidate?
There are different ways you can consolidate your credit card debt. One way is to get out a loan in order to cover your credit card debts and then pay off your credit cards using this loan. Then you can pay back the loan over a longer period of time. Although this is good because the interest rate will be lower than the credit cards, it will most likely take you longer to pay off. Another way is to get a credit card that has a limit that can cover the debts you have, or at least most of them. This way you can put all your debts in one place and pay them off.
Cards for consolidation
In order to consolidate your credit card debt onto one credit card, you need to make sure that you get the right card in order to make it worthwhile. Getting a card with a higher or equal interest rate than you currently have will not make any difference. Instead, look for a card with a lower interest rate that will help you to save money and pay off debts quicker.
0% cards
The best cards to get for consolidation are cards that offer 0% interest on balance transfers. Some of these cards offer 0% for up to one year, which will mean that you will pay no interest on the balance you transfer to the card for a year. This can save you a lot of money as well putting all your debt into one convenient place. For example, if you have a balance of around �3,000 to transfer from 15% cards, with 0% for a year you could save around �200. These cards are especially good if you can pay off the debt within the promotional period.
Cancel your cards
Remember, when you consolidate your credit card debt, it is important to cancel all or some of the cards that you have transferred from. Although cancelling too many cards can hurt your credit rating, it is better to cancel them, as this will stop you from being tempted to use them again and thereby further increasing your debt. If you have 2 or 3 cards with no balance, then get rid of all but one of them so that you have less chance of increasing your debt. If you consolidate your credit card debts correctly then you will make paying your bills easier and save yourself money on interest payments.
About The Author: Peter Kenny is a writer for creditcards-gb Please visit us at http://www.creditcardhome.co.uk and http://www.thriftyscot.co.uk/Credit-Cards/0-credit-cards.html
Please use the HTML version of this article at:
http://www.isnare.com/html.php?aid=142764
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Message delivered directly to members of the group:
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*****************************************************************
Please consider this free-reprint article written by:
Peter Kenny
*****************************
IMPORTANT - Publication/Reprint Terms
- You have permission to publish this article electronically in free-only publications such as a website or an ezine as long as the bylines are included.
- You are not allowed to use this article for commercial purposes. The article should only be reprinted in a publicly accessible website and not in a members-only commercial site.
- You are not allowed to post/reprint this article in any sites/publications that contains or supports hate, violence, porn and warez or any indecent and illegal sites/publications.
- You are not allowed to use this article in UCE (Unsolicited Commercial Email) or SPAM. This article MUST be distributed in an opt-in email list only.
- If you distribute this article in an ezine or newsletter, we ask that you send a copy of the newsletter or ezine that contains the article to http://www.isnare.com/eta.php?aid=142764
- If you post this article in a website/forum/blog, ALL links MUST be set to hyperlinks and we ask that you send a copy of the URL where the article is posted to http://www.isnare.com/eta.php?aid=142764
- We request that you ask permission from the author if you want to publish this article in print.
The role of iSnare.com is only to distribute this article as part of its Article Distribution feature ( http://www.isnare.com/distribution.php ). iSnare.com does NOT own this article, please respect the author's copyright and this publication/reprint terms. If you do not agree to any of these terms, please do not reprint or publish this article.
*****************************
Article Title: How To Consolidate Credit Card Debt
Author: Peter Kenny
Word Count: 571
Article URL: http://www.isnare.com/?aid=142764&ca=Finances
Format: 64cpl
Contact The Author: http://www.isnare.com/eta.php?aid=142764
Easy Publish Tool: http://www.isnare.com/html.php?aid=142764
*********************** ARTICLE START ***********************
It is so easy to get heavily into debt on credit cards that you within a few months or even weeks you could find yourself not being able to keep up with the repayments. If this is the case, then you should think about consolidating your credit card debt. Consolidating your debt can make it easier to manage your money problems as well as helping you to save money. Here are some useful hints about consolidating credit card debt.
What is consolidation?
Consolidation is where you take all of your debts and combine them into one debt. For example, if you have 2 or 3 credit cards with a balance on them, you could get one credit card to cover all of the debts and transfer each balance onto this card. This way all of your debts are covered in one place and you only have one bill to pay.
How to consolidate?
There are different ways you can consolidate your credit card debt. One way is to get out a loan in order to cover your credit card debts and then pay off your credit cards using this loan. Then you can pay back the loan over a longer period of time. Although this is good because the interest rate will be lower than the credit cards, it will most likely take you longer to pay off. Another way is to get a credit card that has a limit that can cover the debts you have, or at least most of them. This way you can put all your debts in one place and pay them off.
Cards for consolidation
In order to consolidate your credit card debt onto one credit card, you need to make sure that you get the right card in order to make it worthwhile. Getting a card with a higher or equal interest rate than you currently have will not make any difference. Instead, look for a card with a lower interest rate that will help you to save money and pay off debts quicker.
0% cards
The best cards to get for consolidation are cards that offer 0% interest on balance transfers. Some of these cards offer 0% for up to one year, which will mean that you will pay no interest on the balance you transfer to the card for a year. This can save you a lot of money as well putting all your debt into one convenient place. For example, if you have a balance of around �3,000 to transfer from 15% cards, with 0% for a year you could save around �200. These cards are especially good if you can pay off the debt within the promotional period.
Cancel your cards
Remember, when you consolidate your credit card debt, it is important to cancel all or some of the cards that you have transferred from. Although cancelling too many cards can hurt your credit rating, it is better to cancel them, as this will stop you from being tempted to use them again and thereby further increasing your debt. If you have 2 or 3 cards with no balance, then get rid of all but one of them so that you have less chance of increasing your debt. If you consolidate your credit card debts correctly then you will make paying your bills easier and save yourself money on interest payments.
About The Author: Peter Kenny is a writer for creditcards-gb Please visit us at http://www.creditcardhome.co.uk and http://www.thriftyscot.co.uk/Credit-Cards/0-credit-cards.html
Please use the HTML version of this article at:
http://www.isnare.com/html.php?aid=142764
*********************** ARTICLE END ***********************
- To distribute your articles go to http://www.isnare.com/distribution.php
- For more free-reprint articles go to http://www.isnare.com
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