Description: In order to manage your loans, you don't have to hire and pay credit card consolidation agencies. You can do it yourself - with just another credit card.
Unlike credit consolidation companies, you will not be able to turn all of your credit card debts into a single personal loan, but you can transfer your old balances onto a new card. These consolidation credit cards are a sort of do it yourself debt consolidation.
If you can meet monthly payments and lower your expenses, these cards can be a way to get yourself out of debt easily. In order to pick up more prospective clients, these companies offering consolidation cards offer the opposite of standard credit card offers in the form of lower interest and no annual fees.
There is a lot of competition between the companies that offer these cards on the internet. With all of the different cards, you will likely be offered when you sign up one or more of the following things: low interest on balance transfers, a great introductory interest rate, and credit in the amount of your outstanding credit card debts.
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.
There are still some good reasons to consider these do it yourself methods of credit card consolidation. While interest rates for credit cards have always been high, lots of companies are dropping their rates in an effort to get more customers.
By comparing as many of the cards offered to you as you can, and comparing interest rates, it becomes a matter of simple doing the math to figure out if one of these cards will be able to save you money. If by choosing the card with the lowest rate you can drop your payments and save a little bit of money, it may be worth it to consolidate using a credit card.
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.
Many of these card providers are more than happy to let you transfer over your old balances, and offer to reduce your debt, but you need to know that you will still pay interest on balance transfers.
If you do not like the idea of debt consolidation credit cards, you can always shop around for professional debt consolidation companies who will negotiate with your credit card companies to lower your debt before consolidating it all into one manageable monthly bill.
Unlike credit consolidation companies, you will not be able to turn all of your credit card debts into a single personal loan, but you can transfer your old balances onto a new card. These consolidation credit cards are a sort of do it yourself debt consolidation.
If you can meet monthly payments and lower your expenses, these cards can be a way to get yourself out of debt easily. In order to pick up more prospective clients, these companies offering consolidation cards offer the opposite of standard credit card offers in the form of lower interest and no annual fees.
There is a lot of competition between the companies that offer these cards on the internet. With all of the different cards, you will likely be offered when you sign up one or more of the following things: low interest on balance transfers, a great introductory interest rate, and credit in the amount of your outstanding credit card debts.
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.
There are still some good reasons to consider these do it yourself methods of credit card consolidation. While interest rates for credit cards have always been high, lots of companies are dropping their rates in an effort to get more customers.
By comparing as many of the cards offered to you as you can, and comparing interest rates, it becomes a matter of simple doing the math to figure out if one of these cards will be able to save you money. If by choosing the card with the lowest rate you can drop your payments and save a little bit of money, it may be worth it to consolidate using a credit card.
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.
Many of these card providers are more than happy to let you transfer over your old balances, and offer to reduce your debt, but you need to know that you will still pay interest on balance transfers.
If you do not like the idea of debt consolidation credit cards, you can always shop around for professional debt consolidation companies who will negotiate with your credit card companies to lower your debt before consolidating it all into one manageable monthly bill.
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Looking for information on debt consolidation loans , credit card consolidation or any kind of loan consolidation? Consolidation Loans Advice is a massive resource for tips on all aspects of loan consolidation. Be informed.
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