How to Consolidate Credit Card Debt Boone NC

Are you currently juggling several credit cards, each with their own burdensome debt? Sometimes when we manage multiple debts, it can feel like you’re constantly facing an uphill battle: each month you make payments here and there, but you never seem to get anywhere.

1st Choice Mortgage Equity
(336) 834-0049
1500 Pinecroft Rd
Greensboro, NC
 
Blair, Bohle & Whitsitt
(704) 841-9800
10815 Sikes Place Suite 100
Charlotte, NC
 
Reznick Group, P.C.
(704) 332-9100
525 North Tryon Street
Charlotte, NC
 
1st Capital Mortgage Corp
(336) 299-9995
7 Oak Branch Dr
Greensboro, NC
 
GCM Systems LLC
(704) 895-3040
16501-D N. Cross Drive
Charlotte, NC
 
Minter Consulting
(704) 786-3010
9450 Moss Plantation Avenue,
Charlotte, NC
 
Fiscal Progress
(919) 719-1750
5540 Centerview Dr
Raleigh, NC
 
Padgett Business Services
(704) 248-6283
6000 Fairview Rd
Charlotte, NC
 
RSM McGladrey, Inc.
(704) 367-6251
4725 Piedmont Row Drive
Charlotte, NC
 
ABC Check Cashing
(919) 493-4646
1209 University DR
Durham, NC
 

How to Consolidate Credit Card Debt

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How do you consolidate credit card debt?

Author: Peter Carville

Are you currently juggling several credit cards, each with their own burdensome debt? Sometimes when we manage multiple debts, it can feel like you’re constantly facing an uphill battle: each month you make payments here and there, but you never seem to get anywhere.

Consolidating your credit card debts is often a great solution to help you streamline your accounts and pay off your balances more quickly and efficiently.

There are many advantages to credit card debt consolidation. First and foremost are the interest savings; when a lender is trying to get you on board as a new customer, they will usually offer an attractive interest rate to get your business. Furthermore, consolidating your debts will simplify your budget. You’ll no longer need to make payments on five or six accounts at the end of the month – you simply make one payment on one account, saving you time, stress and paperwork.

The first step to consolidate credit card debt is to look at all of your credit card accounts in detail, and gain an honest and genuine understanding of your overall financial position.

Work out how much your overall debt is; how much you need to pay in minimum payments across all of your accounts each month; and how much you can afford to repay on a monthly basis.

Now, it’s time to hit the research trail. Many banks offer low or no interest credit card rates for new customers, so investigate all of the options in the market, and draw up a shortlist of the best three candidates. These might even be with banks where you are already a customer.

Armed with all of this information, your next move is to contact each of your credit card providers and explain your intention to consolidate your credit card debt. They may offer you a lower interest rate in order to keep your business, so make sure you ask them whether they will can negotiate with you to transfer your other credit card accounts to them.

If none of your current banks are willing to negotiate, then it’s a matter of applying with the bank that offers the best deal. Once approved, your new bank will organise the transfer of your old credit card balances to your new credit card account.

Finally, once all of your credit cards have been consolidated, you must cancel or significantly lower the credit limits on your existing credit card accounts. This is where many people can get into trouble: they consolidate their accounts into one credit card account , and then run up new debts on their previous credit card accounts. This can lead to an even messier credit card situation, so avoid the temptation, and cancel your cards immediately – if not sooner!

About the Author:

Peter Carville is a freelance article writer who writes for Financial Facts about the current financial news and the credit crunch.

Article Source: http://www.articlesbase.com/debt-consolidation-articles/how-do-you-consolidate-credit-card-debt-1022033.html