Is Consolidating Credit Cards the Best way to go?

It is easy to understand how debts build up and almost take on a life of their own.  One minute everything looks manageable and then it sprouts into absolute mayhem.  You try and work your way out but find it is a matter of two steps forward three steps back.  Then, as the troubles escalate, you try and hide this by taking out other cards to pay the monthly balance for the one you previously used; a vicious circle that needs to be cut as soon as possible.  There are ways out of this dilemma, you just need to be brave enough to seek them out and talk about it.

First off, take a look at everything that you owe.  How high is the interest, astronomical yes?  Well, look at the options available to you, there must be a way to cut that interest down.

If you are working, the revenue you make opens up certain doors.  Consolidating the cards and shifting all the payments into one manageable sum is a great option.  Initially, when added together, the figure may be a little daunting but here is your chance to make a change.

There are two different kinds of consolidation.   A loan consolidation is a perfect option when dealing with credit card debt.  It eases the confusion of multiple payments, gives you a target date each month to work with, and allows you some control of the financial aspects in your life.  You have a fixed interest rate and the fact that this is set up as a loan means you will not tempted at any time because there is nothing to tempt you here!

The other consolidation format is one where you use another card to transfer the balance.  If you are able to find a provider that offers a naught percent interest rate, this is perfect.  However, a small fee is applicable which is normally between two and three percent.  Now if you do transfer a balance, the naught percent interest is only applicable if you do not use the card.  As soon as you use it for purchases you will be open to the full interest rates on the balance of the card.  So it is imperative that you do not use that card.  Remember that once balances have been transferred, you should close all old accounts.  One would not want to be tempted by the thought of easy cash just sitting there. Consolidating credit card debt is a steady option to easing your debt, so there is no excuse not to try it.