Consolidation Credit Cards
what are the pros and cons for credit card consolidation?
I want to Consolidate my credit cards? Please advice on a good service to do it with. What is the pros and Cons to do it? Thanks
Unfortunately not as easy as you might think.
A bank could give you a personal loan (most likely only if you have collateral) and this could be used to pay off the credit cards and then you only have one payment to make. At least until you run up the credit cards again and then you end up having credit card payments and personal loan payment to make.
If your balances aren’t that large you can try and get yet another credit card that offers a Zero APR and offers balance transfers. Now you transfer the smaller balances of your other credit cards to this new card and pay it off before the Zero APR introductory period expires….. (or don’t pay it off an get charged interest again on the balance).
Either way these options are only available to you if you have excellent credit and in case of the bank loan you need to have collateral (paid off car, house, etc.) that the bank deems worthy and good credit.
The simple and most cost effective way is to put yourself on a strict budget and pay off the credit cards with your own hard earned cash and of course… stop using the cards altogether until they are all paid off.
Double the minimum payment due on the card with the highest balance and highest APR… and start paying that one down. In the mean time all the others just get their minimum payment due. Once the first card is paid off put that “monthly payment plus the minimum payment you are used to paying towards the next card. This way you always use the same amount every month to pay off your credit cards but as you pay off one after the other the whole process speeds up once the first card is done. If paying off the one with the largest balance seems to daunting… then start the process with a card that has a lower balance to give yourself the satisfaction of a job well done earlier.
Credit & Debt Consolidation : Credit Card Debt & Low Interest
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