Credit Card Consolidation
Anyone in the same boat as me will understand where i am coming from, i have only just resolved my multiple credit card problem and today i would like to advise anyone who has several credit cards to consolidate them as soon as possible. Being in control of more than one credit card at a time quickly becomes an out of hand scenario and is a task that you do not need weighing on your mind each night before bed.
Trying to decide which credit card debt can be postponed and or which credit card bill needs to be cleared first is really confusing to say the least not only does this play on your mind every single night it is certainly not good for anyone’s health. Credit card consolidation advice for me was quite hard to come by as i was the only one in my circle of friends and family who owned several credit cards but now that i have the power of knowledge i would like to share it with others so that they don’t need to lose sleep over such a silly little problem that can be resolved in just a few minutes.
In order to Consolidate your credit cards in to one credit card, you simply need to first look into what is the best credit card for you personally and what rates you are happy with, now is as a good time as any to start looking due to recent rate drops, once you have carefully selected your new credit card company you will need to give them a call and advise them of your plans to consolidate all your credit cards into one account, when discussing this with them it is wise to have in front of you what outstanding figures you have from your other credit cards in order to work out the amount that you will need to borrow, added to this figure should also be a small allowance (Monthly expenses) or an amount that you can tap into if need be. Now once you have been approved for your new credit card (or even had an existing credit card limit extended) you will need to then pay all outstanding credit card debts with you new credit card and once this process is completed it is then time to contact you old credit card companies and tell them that you would like your accounts closes ASAP.
Should you follow through with the above process you can expect to be saving 25% and upwards on repayments since you now only have the one outstanding credit card debt to worry about, i was effectively paying 4 credit card companies upwards of 28% interest on each and every card for each monthly bill, now that i have consolidated my credit cards i now only have the one interest rate of 18% (Fixed for one year) which will be time enough for me to be debt free and then hopefully screw up my credit card for good (well at least that is the plan).
I hope this article has opened up your eyes and has been somewhat informative to you so that you to can do the same and start saving today, as mentioned in our other articles please have a good look around our website as there are many useful links that can help you with your financial situation.
