Tips for Consolidating Your Debt
If you have your credit card debt spread out on several different cards, one way to help you get control of your finances and get these cards paid off once and for all is to consolidate them all onto just one card. Here are a few tips to get you started:
- Ger rid of unused cards. Cut them in half and close the accounts to help you fend off the temptation to spend more.
- Let introductory periods work for you. Many credit cards offer 0% introductory offers that will give you a 0% APR for the first six to twelve months of card ownership. Take advantage of these introductory offers in order to save some cash.
- Take advantage of balance transfer offers. In addition to 0% introductory offers, many credit cards will allow you to transfer your balances from other cards to your new card for free. If the card has a lower APR than your other cards, transfer their balances to this new card. You will have the convenience of paying just one bill each month, plus you will save money in the process.
- Take out a loan. If getting another credit card is not an option, you might want to talk to your bank about getting a debt consolidation loan. The interest rates on these loans are much better than most credit cards and it will help you get all of your debt in one place.
Tips for Getting Out of Credit Card Debt for Good
Once you build a pile of credit card debt, it can seem impossible to claw your way out. You cannot just run and hide from your creditors. These bills need to be paid, and the sooner the better. So, here are a few tips for getting yourself out of debt and staying there.
- Make the decision to get out of debt. Until you finally decide to truly work toward getting out of debt, you will not but the effort into the process that is needed to do it successfully. Set a goal to get out of debt including giving yourself a timeframe for achieving that goal.
- Take a look at what is in your wallet. If you have several credit cards, go through your wallet and decide which ones will stay and which ones will go. If you have cards that you don’t use, get rid of them. If you have cards with annual fees, cancel them. Narrow your credit cards down to just two or three and work at paying them off.
- Look into transfers. To help you get ahead in the debt game, you might want to consider transferring your balances to a credit card with a 0% introductory offer. This way, finance charges will stop accruing and you can really get ahead with every payment you make.