Download - Top 2 Options for Credit Card Consolidation
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Top 2 Options for Credit Card
Consolidation
By: NewHorizon.com
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Credit Card Debt Consolidation Loan
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Acquiring a loan from a bank, a private lending firm, or credit union are the first debt consolidation options.
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Continuous accumulation of debt can be avoided by paying off credit card debt with a loan.
submit only one payment each month, and enjoy a lower rate of interest.
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Debt consolidation loans require the submission of collateral. If you have a large amount of credit card charges, you may need to submit collateral with a higher value such as a home or vehicle.
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After consolidating, keep in mind that you have a responsibility to submit your payments on time since defaulting on your debts would mean losing the property to your lender.
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Balance Transfer Credit Card
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acquiring a zero balance transfer rate credit card.
o By transferring your charges to a credit card with 0% APR, debt repayment can be much easier.
o The 0% APR offer is just a promotional rate, not a permanent deal.
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o Under the new credit card law, credit card issuers must offer a minimum promotional period of 6 months, and no less than that time frame.
o After the introductory rate, the regular APR will apply.
o Be aware of what the regular APR would be when the introductory period ends.
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transferring all your balances to one
balance transfer card can max out your credit limit which can hurt your credit rating.
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Avoid charging new purchases to your credit cards especially while you are still working on repayment.
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to make sure that there are no unauthorized charges or illegal
transactions made in any of your accounts
order a copy of your credit report
before consolidating.
You must send a dispute letter right away to the bureau that issued your
report if you discover some errors in your credit report.
Source:A Closer Look at Credit Card Consolidation
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