If you owe money on several credit cards, then credit card co olidation can work for you. You may no
If you owe money on several credit cards, then credit card co olidation can work for you. You may not be able to tackle all of your debt at once, but you could find that a significant portion of your credit card expe e has been removed due to a credit card co olidation. Are you looking to get out of debt? If so, a credit card co olidation may be the most useful tool for you.
Owing money on credit cards is no fun, e ecially when those cards carry large balances and the interest being charged is too high. You may be able to make the minimum payments, but achieving a big dent in the dent can be almost impo ible to bring about. Fortunately, a credit card co olidation can help reduce your costs and remove some debt. When sho ing for a new card make certain that it offers the following for you:
Balance Tra fers Your goal is to tra fer at least a portion of your debt from a high rate card to a new card offering a low, fixed rate. Look for a card that charges no a ual fee, waives balance tra fer costs, and offers you a fixed rate on your new balance until it is paid off.
Rewards Too While seeking a card that offers a great balance tra fer offer, why not get rewarded for making the switch? Find a card that offers free airline miles, hotel stays, travel discounts, and other incentives to help you get ahead of the game.
Trimming Back Remaining Balances If your good fortune hel you find a card that will pay off all of your existing balances, and then you are in luck. If not, then start working on reducing your debt by paying off the smallest loan first, followed by the next largest, and the next largest one after that. You can take your time paying off the new cards balance e ecially if you received a fixed, low rate for the life of the balance. Compare paying 4.9% to 15.9% or more and youll quickly see the value of working on your other debt first.
In some cases you may be able to get two new credit cards at the same time offering similar benefits. If that should be the case, then use both cards to attack your debt. Together, the new cards may offer good enough balance tra fer optio to help you completely erase the balances on your old cards.
Owing money on credit cards is no fun, e ecially when those cards carry large balances and the interest being charged is too high. You may be able to make the minimum payments, but achieving a big dent in the dent can be almost impo ible to bring about. Fortunately, a credit card co olidation can help reduce your costs and remove some debt. When sho ing for a new card make certain that it offers the following for you:
Balance Tra fers Your goal is to tra fer at least a portion of your debt from a high rate card to a new card offering a low, fixed rate. Look for a card that charges no a ual fee, waives balance tra fer costs, and offers you a fixed rate on your new balance until it is paid off.
Rewards Too While seeking a card that offers a great balance tra fer offer, why not get rewarded for making the switch? Find a card that offers free airline miles, hotel stays, travel discounts, and other incentives to help you get ahead of the game.
Trimming Back Remaining Balances If your good fortune hel you find a card that will pay off all of your existing balances, and then you are in luck. If not, then start working on reducing your debt by paying off the smallest loan first, followed by the next largest, and the next largest one after that. You can take your time paying off the new cards balance e ecially if you received a fixed, low rate for the life of the balance. Compare paying 4.9% to 15.9% or more and youll quickly see the value of working on your other debt first.
In some cases you may be able to get two new credit cards at the same time offering similar benefits. If that should be the case, then use both cards to attack your debt. Together, the new cards may offer good enough balance tra fer optio to help you completely erase the balances on your old cards.
