| Credit Card Consolidation (debt consolidation)
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Credit Card Consolidation
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Negotiate a Debt Settlement
Debt is not the end of the world, though in most cases it can feel like it. There is hope for fixing your personal finance crisis, and repairing your credit. Let's look at some of the ways we can relieve this stress from your life.
You must become a bit savvy of the credit consolidation and other debt solution scams that lurk in the marketplace. Falling into these traps only increase yo... Read debt consolidation article
Consolidate Your Debts
If you have gotten yourself into debt over your head, you are probably wondering, should you consolidate your debts? It can help you manage matters and get those debts paid off, but it isn't for everyone. In addition, some people qualify for credit counseling, which will help you pay off your debts by reducing the interest and payments for each. Hopefully you can get out of debt without going this... Read debt consolidation article
Credit Card Consolidation
Debt consolidation is a term you'll hear often in the adverts for loans - especially home loans. The idea is to take out a loan large enough to pay off your credit cards and other loans, then pay off the loan at a lower interest rate than you were paying on the credit cards. It's a logical leap - except for one thing. It works even better if you use the lowest interest rate loan available - 0% balance transfer credit cards.
0% balance transfer cards were the product of a competitive marketplace - the credit card marketplace. After years of growth in the credit card market, the providers found themselves in the position of having to entice customers from each other in order to keep on growing their market share. In order to do that, they came up with several schemes to make their credit cards more attractive than those of their competitors. Balance transfer credit cards are specifically designed to get you to shift your existing balance from one credit card company to another by offering you a better deal. And while 0% balance transfer credit cards are a bit more scarce than they were two years ago, they do still exist - and they've been joined by other low interest balance transfer credit cards schemes.
The Benefits of Credit Card Consolidation with Balance Transfer Credit Cards There are a number of benefits to taking advantage of a balance transfer scheme to get control of your credit card debt.
1. Low (or no) interest slows down the mounting of your debt. If you've been carrying half a dozen balances on higher interest credit cards, chances are your minimum monthly payment doesn't even nibble at your outstanding balance. That's because credit card interest rates are designed to KEEP you in debt, not get you out of it. By moving all of your high interest balances onto one low interest card, you can attack it more directly and keep it from spiraling completely out of control.
2. One monthly payment makes it easier to make the payment on time. Instead of remembering half a dozen different payment due dates, you only have ONE. No more worries about missing or late payments because one of your credit cards fell off the radar.
3. Having one credit card and one monthly payment lets you concentrate your efforts and apply a larger chunk of money where it counts. Add up all the minimum monthly payments that you're making now. Then compare balance transfer credit cards by minimum monthly payments to see how it stacks up to your current monthly payment. Chances are that the amount of money you're currently paying out to meet all of your minimum payments will be far above the minimum monthly payment on a balance transfer credit card - which means that with every payment you'll be hacking away at the outstanding balance and making your way toward being debt-free.
How to Compare Balance Transfer Credit Cards If you do the math and decide that a balance transfer credit card is the right decision for you, then take the time to compare balance transfer credit cards and find the best one for you. While 0% balance transfer cards still exist, the days of no-strings 0% cards are fading away. Most balance transfer credit cards have certain limitations and requirements for their use.
You can check out the balance transfer credit cards on offer at moneyeverything.com to compare the various terms and find the balance transfer card that works best for you.
Once you've transferred all your balances to one card, be careful not to run your other cards up to limit again. Your best course is to keep one credit card active for use in emergency - or for your everyday purchases - and pay off that card in full every single month. That way you won't find yourself in the situation of paying down double the debt because you've run it up all over again.
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Use Credit Cards And Beat The Charges
Start by choosing the right credit cards when you apply for a credit card. Compare credit cards that you're considering at a site like moneyeverything.com and only apply for those that offer low or no annual membership fees. Watch the APR when you compare credit cards, but look beyond it to find out how interest charges are calculated, how long your interest free period is and how many days leeway you have before your payment is judged to be late.
How to Beat the Interest Charges
A large part of the high cost of using credit cards comes from the interest that you pay. You can avoid ever paying a jot of interest by paying your account in full each month. Of course, that's not always an option - after all, one of the reasons to use a credit card is to afford things you can't pay for all at once. In that case, make long term purchases on the credit card with the lowest interest rate and pay it off as quickly as you can. Don't use that credit card for anything other than long-term purchases and pay more than the minimum every month.
How to Beat the Minimum Payment Trap
It's easy to stay in debt forever with credit cards. Just pay the minimum payment every month. If you have an account balance of £1000 on a 14% APR credit card, and pay the standard minimum balance of 2.5% each month, it will take you 52 months to clear the balance, and you'll pay £300 in interest. That's over four years. Pay twice the minimum - just another £25 per month - and you'll have the balance cleared in less than two years, and save £150 in interest charges.
How to Play the Balance Transfer Game Without Getting Beat
Pay close attention when you compare credit cards if you're looking for a balance transfer card. Look beyond the balance transfer rate to any requirements that you have to meet in order to keep that rate. Be aware that the credit card company will apply your total payments to the lowest interest rate items on your account - so if you have an outstanding balance transfer at 1.9% interest and a new purchases balance at 9%, the credit card company will apply your payment to the balance transfer. That leaves the higher interest purchases to accumulate interest at 9% until the balance transfer is paid off. Avoid the balance transfer trap by NOT using that credit card for new purchases.
How to Beat Cash Advance Charges
The only real way to beat cash advance charges is to find another way to borrow money if you need it. Unlike any other type of purchase or charge on your account, cash advances start accruing interest the moment you take out the advance. The interest charge is almost always on of the highest rates on your card, and it will be the last part of your balance that is paid. If you can avoid it, don't use your credit card to get cash loans.
Jon Francis has been involved in various areas with the world of finance and has a keen eye for a bargin! He has an in-depth knowledge of the credit card UK market and now helps others get the best from a credit card. For more information visit "http://www.moneyeverything.com".
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Credit Card Consolidation
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