Consolidate your credit cards
The average American has about 3 credit cards. It’s no surprise, then, that many Americans are finding themselves with credit card debt. It can be devastating debt to carry too, with high interest rates that make paying it down very difficult. If you have a significant debt load spread over several credit cards and have trouble making your monthly payments, you may want to consolidate your credit cards.
Don’t let credit card debt kill you
Credit card debt is a type of debt that can cause you to sink rapidly. While you may be making the monthly payment on time, you probably aren’t seeing much progress in your balance. This is due to the high interest rates and the low monthly minimum. Because credit card debt can accumulate quickly, it’s very important to deal with it as quickly as possible.
Credit card debt options
Another option for people suffering under big credit card debt burdens is to flip your credit card debt onto a card with a lower APR. For example, let’s say you have $12,000 worth of credit card debt spread over 4 credit cards. Often, credit card companies offer one-time low interest rates for people who wish to transfer existing credit card debt from one account to another. This can be an effective way to lower interest rates from the national average of 17% to lower than 10%. However, keep in mind that these offers are often only available for a certain period of time, so before you transfer your debt, find out the little details.
Credit cards getting out of control? Contact Affinity Debt Consolidation for tips on how to consolidate credit cards.
Why you should consolidate your credit cards
For people who have more than one credit card and have a difficult time making payments on each balance every month, credit card consolidation might offer the solution they’ve been looking for. If you’ve racked up credit card debt over several cards, it might be very hard to make more than the minimum payment on each card every month. In fact, many people are not even able to make the minimum payments on their credit card debt, something that negatively affects their credit report.
If this sounds like your situation, you should try to consolidate your credit cards. By consolidating your credit cards, you can save money each month. Your numerous balances are combined into one monthly payment. Plus, your credit card consolidator will make sure that your monthly payment is something that you can afford.
Furthermore, if you take out a debt consolidate loan to consolidate your credit cards, you will be left with a lower interest rate loan. While the life of the loan may be extended to enable you to make the monthly payments, consolidating your credit cards will also improve your credit rating because you will be making regular monthly payments, rather than skipping payments due to overwhelming monthly balances.
Getting rid of high interest debt by consolidating your credit cards is one effective way of dealing with this type of debt. For more information on how to consolidate credit cards, contact a debt management professional for advice.
IF you are looking to consolidate your credit cards, contact us here.