How Credit Card Debt Consolidation Can Set You Free!
As someone who has tried everything under the sun to become debt free and save money, I'd like to show you how credit card debt consolidation can save you a ton of money and heartache.
Using Credit Cards as Debt Consolidation
Using credit cards as debt consolidation vehicles is not necessarily new, but it's not always done right. As a result many people are either afraid to do it, or simply just not aware of how to go about it. I'm going to make this as easy as possible. What is it we are after here? Saving money, becoming debt free, financial freedom, etc. One thing I will say is, you don't have to find one magic method and employ it only. On the contrary, you may have to leverage a couple of methods in the end. Credit cards are likely one of the problems in your financial portfolio if you are reading this article, but they can also be part of the solution. The key here is finding low interest, high limit credit cards. What we then do is look for balance transfer offers and transfer the balances of other credit accounts, loan accounts, etc and start paying one bill. Our balance has a much lower interest, and we are able to either save money each month, save money over the life of the balance, or both.
Credit Card Debt Consolidation - Finding the Right Offer
The best situation here is that you currently have a card that has a lot of room on it and some great balance transfer offers, such as 0% for 12 months, etc. It is also important to ensure that the interest rate after the promotional period is reasonable. Jumping to a 24% rate after 12 months can quickly cancel out anything you saved during that first year. If you don't currently have a card, you can look up offers online for balance transfer cards. Some of these will require excellent credit scores, so if you have less than stellar credit, you may have a harder time finding good candidate. But don't give up, there are tons of options out there. Also as a side note, sometimes credit card companies will increase your credit line if you transfer balances over, so if you have a card with a good offer and a good rate, but not a ton of room, call the company and ask about your options. Don't get discouraged, credit card debt consolidation is still an option!
Credit Card Debt Consolidation - Transferring and Consolidating your Debt
Credit card debt consolidation starts by transferring your debt balances to a credit card with a balance transfer promotion or low outright interest rate. To do this, contact the company or online and find offers for balance transfers. Fill out the forms by entering your account information and amount to transfer for the accounts you will be transferring from. This may take a week or more to go through, so if you have any payments due, pay them if they are due within 1-2 weeks of the transfer request. Once this is done, your accounts will have 0 balance (ideally) and you will have a single account with a high balance, but low or no interest rate.
There are many benefits that credit card debt consolidation provides. First, you will often lower your monthly obligations by quite a bit. Second, you will save a lot of money over the life of the payoff period. Don't let fear or lack of information prevent you from taking the bull by the horns and taking action on your credit card debt consolidation plan!
Using Credit Cards as Debt Consolidation
Using credit cards as debt consolidation vehicles is not necessarily new, but it's not always done right. As a result many people are either afraid to do it, or simply just not aware of how to go about it. I'm going to make this as easy as possible. What is it we are after here? Saving money, becoming debt free, financial freedom, etc. One thing I will say is, you don't have to find one magic method and employ it only. On the contrary, you may have to leverage a couple of methods in the end. Credit cards are likely one of the problems in your financial portfolio if you are reading this article, but they can also be part of the solution. The key here is finding low interest, high limit credit cards. What we then do is look for balance transfer offers and transfer the balances of other credit accounts, loan accounts, etc and start paying one bill. Our balance has a much lower interest, and we are able to either save money each month, save money over the life of the balance, or both.
Credit Card Debt Consolidation - Finding the Right Offer
The best situation here is that you currently have a card that has a lot of room on it and some great balance transfer offers, such as 0% for 12 months, etc. It is also important to ensure that the interest rate after the promotional period is reasonable. Jumping to a 24% rate after 12 months can quickly cancel out anything you saved during that first year. If you don't currently have a card, you can look up offers online for balance transfer cards. Some of these will require excellent credit scores, so if you have less than stellar credit, you may have a harder time finding good candidate. But don't give up, there are tons of options out there. Also as a side note, sometimes credit card companies will increase your credit line if you transfer balances over, so if you have a card with a good offer and a good rate, but not a ton of room, call the company and ask about your options. Don't get discouraged, credit card debt consolidation is still an option!
Credit Card Debt Consolidation - Transferring and Consolidating your Debt
Credit card debt consolidation starts by transferring your debt balances to a credit card with a balance transfer promotion or low outright interest rate. To do this, contact the company or online and find offers for balance transfers. Fill out the forms by entering your account information and amount to transfer for the accounts you will be transferring from. This may take a week or more to go through, so if you have any payments due, pay them if they are due within 1-2 weeks of the transfer request. Once this is done, your accounts will have 0 balance (ideally) and you will have a single account with a high balance, but low or no interest rate.
There are many benefits that credit card debt consolidation provides. First, you will often lower your monthly obligations by quite a bit. Second, you will save a lot of money over the life of the payoff period. Don't let fear or lack of information prevent you from taking the bull by the horns and taking action on your credit card debt consolidation plan!