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Card Debt Consolidation Guide
Credit card debt consolidation is one of the most basic steps you can take to save money on debt repayments. Surprisingly, consolidating debt is something that does not occur to many people who are paying several, sometimes a large number, of different credit card bills. Card debt consolidation involves combining all your separate credit card debts onto a single card. Why should this help?
One major benefit of card debt consolidation is in the reduced administrative burden that comes from not having to “juggle” the bills. Instead of having, say, seven credit card bills (with seven different interest rates, additional fees, etc.), you have just one (with one annual fee, one interest rate, and one finance and processing charge). This is also a great time saver. The filing and figuring time is drastically reduced. And if you pay online, that time it would take to write cheques, hit the mail box, etc. would shrink to a matter of about two minutes. You may also benefit from 0% apr on the balances you tranfer from your other cards thereby saving money. You may later wish to switch your accumulated balance to another card to again take advantage of 0% apr as long as you keep to just 1 card. It pays to shop around for deals.
Another major advantage of card debt consolidation is typically a major reduction in interest rates and other charges in general. Some cards may have interest rates 30% and over and it's possible to go down to a single card with much lower rates using card debt consolidation. Since all the debts have gone onto one card then this card account would have a higher credit limit and the card company may even be willing to extend it further.
The transition to card debt consolidation is a very smooth and hassle free one. The application can be done online in about 5 min but make sure that the site is legitimate and secure. You may get lots of offers in the mail from various card companies asking you to apply for card debt consolidation but don't just go for the next one that comes through your letterbox, be proactive and seek out the best deal.
So to summarise, card debt consolidation can to cut your payments by up to 60 percent, cut your admin time down to almost nil and reduce your stress levels into the bargain. You will be happier, healthier (at least mentally), and better off financially.
By John Kirkham
One major benefit of card debt consolidation is in the reduced administrative burden that comes from not having to “juggle” the bills. Instead of having, say, seven credit card bills (with seven different interest rates, additional fees, etc.), you have just one (with one annual fee, one interest rate, and one finance and processing charge). This is also a great time saver. The filing and figuring time is drastically reduced. And if you pay online, that time it would take to write cheques, hit the mail box, etc. would shrink to a matter of about two minutes. You may also benefit from 0% apr on the balances you tranfer from your other cards thereby saving money. You may later wish to switch your accumulated balance to another card to again take advantage of 0% apr as long as you keep to just 1 card. It pays to shop around for deals.
Another major advantage of card debt consolidation is typically a major reduction in interest rates and other charges in general. Some cards may have interest rates 30% and over and it's possible to go down to a single card with much lower rates using card debt consolidation. Since all the debts have gone onto one card then this card account would have a higher credit limit and the card company may even be willing to extend it further.
The transition to card debt consolidation is a very smooth and hassle free one. The application can be done online in about 5 min but make sure that the site is legitimate and secure. You may get lots of offers in the mail from various card companies asking you to apply for card debt consolidation but don't just go for the next one that comes through your letterbox, be proactive and seek out the best deal.
So to summarise, card debt consolidation can to cut your payments by up to 60 percent, cut your admin time down to almost nil and reduce your stress levels into the bargain. You will be happier, healthier (at least mentally), and better off financially.
By John Kirkham
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