Home » Finance

Debt Consolidation Credit Cards: The Diy In Credit Management

Jan 25, 2008
In order to pay outstanding loans, you don't necessarily have to hire a debt consolidation company. There is another way to consolidate your debt, which is by using another credit card.

There isn't a way for a credit card to turn all of your debts into one personal loan like you can do with credit card consolidation companies, but there are credit cards that allow you to transfer your outstanding balances from other cards onto your new card. It is a different kind of debt consolidation, a more do it yourself kind, if you will.

These can get you out of debt relatively easily, if you know how to stick to the payment and lower your monthly expenses at the same time. In order to catch more clients, consolidation credit cards typically offer just the opposite of traditional credit cards: lower interest rates and no annual fees.

There is stiff competition between credit card companies on the internet today. Between the various consolidation credit cards, you will likely be offered upon sign up such things as low interest on balance transfers, or credit in the amount of all of your outstanding credit card debt.

You might also be able to transfer your other debts to your new credit card and save money in the process. Say, for example, you have a car loan at 7%. Your new credit card, meanwhile, is offering 3% within the next six months. If you transfer your car loan to your new credit card, you can actually save money on payments that way. You can pay your car loans at lowered interest rates.

You must note, however that these introductory rates are only good for a specified period of time, after which your interest rate will shoot up to around 20% or more. Many people like to go from one company to the next, chasing the lowest interest rate, but at best, this method is tricky.

Still, there are reasons why you should go for debt consolidation credit cards or D-I-Y loan consolidation programs. Interest rates are for credit cards have traditionally been high. But with stiff competition, many credit card companies are slashing their rates just to get more customers.

By doing a bit of comparison shopping and computing a bit of math in the process, you might just find that you can save more by consolidating all your loans under one of the debt consolidation credit cards that offers the lowest rate.

Credit consolidation cards do not require an annual fee like standard credit cards. With all of the competing companies out there, they had to cut these fees in order to stay competitive and continue to get new customers.

These companies are happy to let you transfer over your existing card balances, and may offer to reduce these debts. It is wise to note, however that you will still be paying interest on your transferred balances.

If you do not like what the debt consolidation credit cards have to offer you, you can always shop around for professional debt consolidation companies; they work with your credit companies so your credit card debts are reduced and you only need to pay one monthly bill.
About the Author
Looking for information on debt consolidation loans , credit card consolidation or any type of loan consolidation? Consolidation Loans Advice is a massive resource for tips on all aspects of loan consolidation. Be informed.
Rating:
Please Rate:
(Average: Not rated)
Views: 168
Print Email Report Share
Article Categories
    • Artists
    • Gambling
    • Humanities
    • Humor
    • Movies
    • Music
    • Photography
    • Tattoos
    • Television
    • Classic Cars
    • Motorcycles
    • Recreational Vehicles
    • SUVs
    • Trucks
    • Vans
    • Branding
    • Business Opportunities
    • Careers and Jobs
    • Corporate
    • Customer Service
    • Direct Mail
    • Entrepreneurship
    • Ethics
    • Financing
    • Franchising
    • Home-Based Business
    • Human Resources
    • Import and Export
    • Leadership
    • Management
    • Market Research
    • Marketing and Advertising
    • Negotiation
    • Network Marketing
    • Networking
    • Organizational
    • Presentation
    • Project Management
    • Public Relations
    • Small Business
    • Strategic Planning
    • Team Building
    • Telemarketing
    • Training
    • Data Recovery
    • Databases
    • Games
    • Hardware
    • Networks
    • Operating Systems
    • Programming
    • Security
    • Software
    • Spyware and Viruses
    • Ask an Expert
    • College and University
    • Home Schooling
    • K-12
    • Languages
    • Online Education
    • Psychology
    • Coffee
    • Cooking
    • Gourmet
    • Recipes
    • Wine and Spirits
    • Acne
    • Aerobics
    • Alternative Medicine
    • Beauty
    • Cancer
    • Cosmetics
    • Depression
    • Diabetes
    • Diseases and Conditions
    • Fitness Equipment
    • Fitness
    • Hair Loss
    • Heart Disease
    • Medicine
    • Men's Health
    • Muscle Building
    • Nutrition
    • Skin Care
    • Supplements and Vitamins
    • Weight Loss
    • Women's Health
    • Yoga
    • Arts and Crafts
    • Babies
    • Collecting
    • Elderly Care
    • Genealogy
    • Hobbies
    • Parenting
    • Pets
    • Pregnancy
    • Woodworking
    • Feng Shui
    • Gardening
    • Home Appliances
    • Home Security
    • Interior Design
    • Landscaping
    • Affiliate Programs
    • Article Marketing
    • Auctions
    • Audio
    • Banner Advertising
    • Blogging
    • Broadband
    • Domain Names
    • E-Books
    • E-Commerce
    • Email Marketing
    • Ezines and Newsletters
    • Forums
    • Internet Marketing
    • Link Popularity
    • Pay-Per-Click
    • Podcasting
    • RSS
    • Search Engine Marketing
    • Search Engine Optimization
    • Security
    • Social Media
    • Spam
    • Video
    • Viral Marketing
    • Web Design
    • Web Development
    • Web Hosting
    • Copyright
    • Cyber Law
    • Intellectual Property
    • National, State, Local
    • Patents
    • Regulatory Compliance
    • Trademarks
    • Buying
    • Selling
    • Baseball
    • Basketball
    • Boating
    • Cycling
    • Extreme Sports
    • Fishing
    • Football
    • Golf
    • Hockey
    • Hunting
    • Martial Arts
    • Running
    • Scuba Diving
    • Soccer
    • Swimming
    • Tennis
    • Dating
    • Divorce
    • Marriage
    • Weddings
    • Astrology
    • Buddhism
    • Christianity
    • Faith
    • Hinduism
    • Islam
    • Judaism
    • Meditation
    • Metaphysical
    • New Age
    • Cable and Satellite TV
    • Cell Phones
    • Communication
    • Gadgets and Gizmos
    • GPS
    • Satellite Radio
    • Video Conferencing
    • VoIP
    • Addictions
    • Coaching
    • Goal Setting
    • Motivational
    • Stress Management
    • Time Management
    • Clothing
    • Electronics
    • Fashion
    • Gifts
    • Jewelry
    • Causes and Organizations
    • Environment
    • History
    • Holidays
    • Men's Issues
    • Nature
    • Philosophy
    • Politics
    • Women's Issues
    • World Affairs
    • Air Travel
    • Camping
    • Cruises
    • Destinations
    • Outdoors
    • Article Writing
    • Book Reviews
    • Copywriting
    • Fiction
    • Non-Fiction
    • Poetry
    • Quotes
    • Screenplay
    • Tools and Resources