Comments on: How to consolidate credit card debt? http://debtreliefsuccess.com/141/credit-card-debt/how-to-consolidate-credit-card-debt/ Specializing in Finding Debt Relief Solutions Sat, 19 Jun 2010 15:18:49 +0000 hourly 1 http://wordpress.org/?v=3.2.1 By: bluedevilstudent http://debtreliefsuccess.com/141/credit-card-debt/how-to-consolidate-credit-card-debt/comment-page-1/#comment-330 bluedevilstudent Thu, 25 Mar 2010 02:52:34 +0000 http://debtreliefsuccess.com/141/credit-card-debt/how-to-consolidate-credit-card-debt/#comment-330 If your credit cards all have the same APR, or interest rate, then there is really no need to consolidate these credit card balances. However a balance transfer to another credit card at a lower interest rate could help you pay down your balances much faster - as more of your monthly payment amount would be applied toward your principal balance instead of just being applied to finance charges. If your credit cards all have the same APR, or interest rate, then there is really no need to consolidate these credit card balances. However a balance transfer to another credit card at a lower interest rate could help you pay down your balances much faster – as more of your monthly payment amount would be applied toward your principal balance instead of just being applied to finance charges.

]]> By: - Midas - http://debtreliefsuccess.com/141/credit-card-debt/how-to-consolidate-credit-card-debt/comment-page-1/#comment-332 - Midas - Wed, 24 Mar 2010 23:10:13 +0000 http://debtreliefsuccess.com/141/credit-card-debt/how-to-consolidate-credit-card-debt/#comment-332 One very common form for consolidating credit card debt is to transfer the balances of your higher rate cards to a credit card that has a lower annual interest rate. In your case, let's say you may have three credit cards with balances of $4,000 each, and those cards may carry an annual interest rate of 17 percent, 18 percent, 20 percent, or even more. Obviously you should be able to save a significant amount of money each year in interest by moving those balances to a card that carries a lower interest rate. For example, you may be able to transfer the balances of those higher-rate cards to a different card that carries only a 13.5 percent interest rate. Even on a balance that is currently being charged only a few percentage points higher, such as 17 percent, you will save significant real dollars — certainly enough to consider this as a method for consolidating credit card debt. Before you immediately transfer that balance, there are a number of pitfalls that you may overlook when consolidating credit card debt in this way. There may have some hidden fees as well. So, ask for details before sign up for those cards... One very common form for consolidating credit card debt is to transfer the balances of your higher rate cards to a credit card that has a lower annual interest rate.

In your case, let’s say you may have three credit cards with balances of $4,000 each, and those cards may carry an annual interest rate of 17 percent, 18 percent, 20 percent, or even more. Obviously you should be able to save a significant amount of money each year in interest by moving those balances to a card that carries a lower interest rate. For example, you may be able to transfer the balances of those higher-rate cards to a different card that carries only a 13.5 percent interest rate. Even on a balance that is currently being charged only a few percentage points higher, such as 17 percent, you will save significant real dollars — certainly enough to consider this as a method for consolidating credit card debt.

Before you immediately transfer that balance, there are a number of pitfalls that you may overlook when consolidating credit card debt in this way.

There may have some hidden fees as well. So, ask for details before sign up for those cards…

]]> By: Amy Boyack http://debtreliefsuccess.com/141/credit-card-debt/how-to-consolidate-credit-card-debt/comment-page-1/#comment-331 Amy Boyack Wed, 24 Mar 2010 22:04:24 +0000 http://debtreliefsuccess.com/141/credit-card-debt/how-to-consolidate-credit-card-debt/#comment-331 I write a blog about this very thing and you would be wise to consider a program that can help you pay off all of your debt and look at the entire financial picture. For instance, do you own a home? That is also a debt that can last a long time if not addressed. There is a program that will look at your entire financial picture and then tell you the best thing to do with your money at any given time. This will help you pay off your debts in the fastest time and then build your wealth in the fastest time. It's pretty incredible. I write a blog about this very thing and you would be wise to consider a program that can help you pay off all of your debt and look at the entire financial picture. For instance, do you own a home? That is also a debt that can last a long time if not addressed. There is a program that will look at your entire financial picture and then tell you the best thing to do with your money at any given time. This will help you pay off your debts in the fastest time and then build your wealth in the fastest time. It’s pretty incredible.

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