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Stuggling With Debt - Consolidate

Apr 30, 2008
You've surely heard all kinds of ads about debt consolidation. The sheer number of ads can be overwhelming, coming from TV channels, newspapers, the internet, etc. If you are not sure what you should do or how you should go about consolidation, you can get financial counseling from consultants or companies who are knowledgeable and whose jobs are specifically to help people in less than perfect financial situations.

A simple definition of credit card debt consolidation is when you bring all of your debt from multiple credit cards together onto a single credit card, typically with a lower interest rate. It is very logical to want a single payment with a lower interest rate. You will be able to pay off more of the principal of the loan, instead of paying so much in interest. With more of your money going towards the principal, the debt will be paid off more quickly It is a great solution you your financial problems.

Another term for credit card debt consolidation is a creditcard balance transfer, since the balance from one or more credit cards is transferred onto another. Companies compete with each other to get your business, offering lower rates, lower fees, and other incentives. This competition is very beneficial to the consumer.

Typically the best thing a company can do for you is offer 0% interest on balance transfers. They can't do this forever, or else they wouldn't make any money, but it can give you a huge financial break during the introductory period. (typically 3-6 months). After this introductory period, you will be required to pay the standard APR, which will be higher.

Make sure before you sign up that the standard APR is reasonable. You don't want to get stuck with an higher interest rate than you expected. Besides 0% interest, companies can try to attract you by offering things like interest free purchases for a short period, reward points towards different items, etc. Debt consolidation can be a big help in the first place, but these other offers can be a good bonus.

As long as you remember to look deeper than the initial benefits offered, you should not have any surprises. The fees charged to transfer money and the standard APR are extremely important to the long term feasibility of getting out of debt. Don't agree to a contract if you do not think these things look favorable, no matter how good the bonus offers seem.

Through credit card debt consolidation, you can get rid of your credit card debt. It is one a the best solutions that are available to help you. There is a good reason that you hear about debt consolidation so oftenit works!
About the Author
In times like these it is easy to see why so many people like yourself are interested in credit card balance transfer offers Visit us at http://www.everlife.com/balancetransfercard.php.
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