Consolidate Credit Cards Now to Become Debt Free Later!

One of the biggest steps you can take toward eliminating debt is to consolidate credit cards. Credit/charg cards are often the single biggest source of non-mortgage debt in struggling households throughout America. Consolidating credit and charge card balances into a single, lower interest payment can help you organize and take control of your finances.

The Dark Side of Credit Card Debt

We all use credit and charge cards from time to time, some of us more than others. But the bottom line is they give us an easy, convenient way to make purchases. When used responsibly this is a great way to manage your money and improve your credit. However, credit cards have a dark side, a side that only causes stress, grief, anger, and frustration. Following are the three biggest causes for this dark side:

Make it easy to purchase items you can't afford
Debt adds up quickly
Interest rates are high

The first two causes are mostly our own fault, and can be controlled and fixed. The third cause is mostly out of our control. If you can control the first two, the third will not be a big factor. In order for you to reap the benefits after you consolidate your cards, you need to gain control and stop spending.

The Bright Side of Credit Card Debt

Cards can also have a bright side. They can be used to consolidate credit cards into a single balance, with a lower interest rate. This not only helps you stay organized and on top of your bills, but will also save you a ton of money in the long run. If you are making minimum payments on 4 different cards with balances of $7,500 each at an average annual interest rate of 15%. Combining these into one account with a promotional rate of 0% for 12 months and a standard rate of 12% thereafter, you could pay off your debt almost a year and a half sooner, and for more than $10,000 less than if you made the same payments to your individual accounts.

I Want to Consolidate Credit Cards, Where do I start?

So you want to consolidate credit cards but don't know where to start? I'm glad you asked. There is so much information out there, it would be impossible to include it in a single article; however, here are the basics. First, document all of your card accounts, I'm talking all the important information (including rates, balances, minimum payments, etc.). Next see if you have any existing accounts with sufficient credit left. If so, check if they are offering any balance transfer promotions. If not, check online for balance transfer credit card offers. If applying for a new account, you will need at least fair to good credit, and in some cases you will need excellent credit. Once you find the right offer, fill out the paperwork and once the balances transfer, put all of your cards away. Do not use them anymore. To consolidate credit cards, that is basically it in a nutshell.

About this Author

Stop living month to month! There is a ton of information on how to consolidate credit cards available over at http://www.debtconsolidationfairy.com. So go there right now and don't waste another minute in debt!

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