Credit Card Consolidation Options For You

Credit Card Consolidation Options For You

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If you owe money on various credit cards, then credit card consolidation can work for you. You may not be able to wipe out all of your debt at once, but you just might discover that an important part of your credit card expense has been removed due to credit card consolidation. Are you looking for ways to get out of debt? If so, credit card consolidation may be the most helpful tool for you.

Even in this economic climate, consumers can still find credit card consolidation options that are favorable to them

Even in this economic climate, consumers can still find credit card consolidation options that are favorable to them.

Owing money on credit cards is no fun sport, especially when those cards have sizable balances and the interest being charged is just too much. You may be able to make the minimum monthly payments, but achieving a big dent in the debt can be nearly impossible to do without intervention. Happily, credit card consolidation can help reduce your costs and help you get rid of some debt. When searching for a new credit card you’ll want to make certain that the card offers the following features for you:

Balance Transfer Options — Your most important goal is to transfer at least a part of your debt from a high rate card to a new card offering a low, fixed rate. Be on the look out for a card that charges no yearly fee, dispenses with balance transfer costs, and provides you with a fixed rate on your new balance until it is paid off.

Reward Plans — While searching for a card one offering a valuable balance transfer offer, why not get rewarded for making a change to a new card? Acquire a card that offers free miles, hotel stays, travel rebates, and other incentives to help you get ahead of the game.

Trimming Your Remaining Balances — If your good fortune helps you find a card that will pay off all of your existing balances, then you are in a good place. If not, then begin working on reducing your debt by paying off the lowest loan first, followed by the next largest, and the next biggest one after that. You can take your time paying off the new card’s balance especially if you received a fixed, low rate for the life of the balance. Compare paying 2.9% to 15.9% or more and you’ll quickly see the advantage of working on your other debt first.

In some cases you may be able to get two new credit cards at the same time with both offering similar benefits. Should that be an option for you, then use both cards to bring down your debt. In concert, the new cards may offer decent balance transfer options to help you in eliminating the balances on your old cards.

Adv. — Are you looking to refinance your home? Interest rates haven’t been this low in years! If you have very good or excellent credit, you could find a home loan with an interest rate of about 5% for a fixed rate, thirty-year mortgage.  Visit SayLending.com for more information!

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Categories: Credit Cards

About Author

Matthew C. Keegan

Matt Keegan is a freelance writer and editor as well as publisher of "Matt's Musings", his personal blog. Matt covers campus, consumer, business and financial topics on various websites and blogs, and has been published in the "Houston Chronicle", "Sam's Club Magazine" and "Wisconsin Golfer".