Consolidate credit card debt

We know that it’s good to consolidate credit card debt (at least that is what we keep hearing from everyone). In fact, the first step towards addressing the problem of credit card debt is to consolidate credit card debt. Now, what do you do to consolidate credit card debt? Should you just go with that attractive ad in the newspaper that says ‘...the lowest APR in the town is available here’?

The first thing, really, is to keep your eyes and ears open. There are always a number of offers available for you to choose from. The credit card suppliers keep coming with new and more attractive offers asking you to consolidate credit card debt with them. However, you must note that the APR quoted in bold, e.g. 0% APR, is applicable only for a short term (3-9 months). The long term (or the standard) APR is different. So, when you go looking for a credit card to consolidate credit card debt, you must be keenly looking for these 3 things (in terms of APR) – introductory APR, introductory APR period and the standard APR. Let’s see how each one is important.

Introductory APR is probably the most attractive thing to look for when you are looking to consolidate credit card debt. If you consolidate credit card debt to a card that has a low introductory APR e.g. 0%, the first thing you get is a breather/relief in terms of the rate at which your credit card debt has been growing. Based on how long that 0% APR period is (generally you will look to consolidate credit card debt with a credit card supplier who offers 0% initial APR), you will at least be able to temporarily break the growth rate of your credit card debt. More the introductory period, the better it is.

However, you should not ignore the standard APR when you consolidate credit card debt. This is the interest rate that will be applied to your balance after the expiry of the introductory low APR period that was given to lure you to consolidate credit card debt with that credit card supplier. If the standard APR is too high and you know that you will not be able to clear off the entire credit card debt during the low APR period, that credit card is probably not the best for you to consolidate credit card debt to. However, if you think that you will be able to clear off the entire credit card debt during that period, you can make some compromises on the standard APR of the credit card to which you consolidate credit card debt. The card that synchronizes with your current and future financial position (and needs), is the one you should consolidate credit card debt to.

Technorati Tags: Credit Cards, 0% Balance Transfer Credit Card, 0% Interest Credit Card

Credit Card Management - You and your money

Credit cards are no more a luxury, they are almost a necessity. So, you would imagine a lot of people going for credit cards. In fact, a lot of people posses more than one credit cards. So, the credit card industry is growing by leaps and bounds. However, the credit card industry and credit card holders are posed with a big problem called ‘Credit Card Debt’. In order to understand what ‘credit card debt’ actually means, we need to understand the work flow associated with the use of credit cards as such.

Credit cards, as the name suggests, are cards on which you can get credit. Your credit card is a representative of the credit account that you hold with the credit card supplier. Whatever payments you make using your credit card are actually your borrowings that contribute towards your credit card debt. Your total credit card debt is the total amount you owe credit card supplier.

You must settle your credit card debt on a monthly basis. So, you receive a monthly statement or your credit card bill which shows your total credit card debt. You should always pay off your credit card debt by the payment due date. Failing to do so will incur late fees and interest charges. However, you have the option of making a partial (minimum) payment too, in which case you don’t incur late fee but just the interest charges on your credit card debt. One other option you can use to help your self avoid the interest charges, is to find yourself one of those 0% credit cards

If you continue making partial payments (or no payments) the interest charges are calculated afresh on the new credit card debt. So you end up paying interest on the last month’s interest too. Thus your credit card debt accumulates rapidly and soon you find that what was once a relatively small credit card debt has ballooned into a big amount which you find almost impossible to pay. Moreover, if you don’t still control your spending habits, your credit card debt rises even faster. This is how the vicious circle of credit card debt works.

There is another option but only if you are good at making your payments on time and that is to move your higher interest rate credit cards with 0% balance transfers. This allows you to make payments on the balance without paying the interest and often this option is available up to 12 months. What ever you choose, always be responsible with credit, as you are only borrowing against your own future.

Technorati Tags: Credit Cards, 0% Balance Transfer Credit Card, 0% Interest Credit Card
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Get your very own "Mint" credit card

Almost everyone these days has a credit card as it has become in many ways a more secure way to shop in general, and the only fast way to shop online. Getting a credit card is not all that difficult but finding the right card sometimes can be. At Mint Credit Cards, you can apply for a card that has great rates and 0% balance transfers with a small transfer fee until August of 2008 if you transfer this month. That's three ways to save with 0% with the Mint Credit Card.

If you want to be different you can also apply for the MC2 card which is the first card to literally change the shape of you credit. This card has the lower right corner removed which makes it different from the others. Another option is to apply for a gift card from the Mint, which is basically a "prepaid credit card" that can be given as a gift or maybe this is the perfect choice for the son or daughter away at college. By using this card you control the amount that can be spent by them which helps keep unnecessary debt from piling up , while giving them the freedom and choice of a credit card. The gift card can used for birthday and anniversary gifts, or most anything you can think of. Stop by today at the Mint and get your own unique card and start saving today with 0% balance transfer rates.

Technorati Tags: 0% Balance Transfer Credit Card, 0% Interest Credit Card, Save Money
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Credit card or equity?

When it comes to paying off high interest debt and if you own your home and have equity in it, you have a choice when it comes to combining those debts. A visit to credit cards UK might help you to make that decision. The first choice is to take out that equity loan and is often preferred by many as it is in many cases tax deductible and carries a low interest rate. This can reduce high interest credit card debt by allowing you to have a loan with a much better interest rate.

But, the other option is 0% balance transfers, which when manged properly can often provide yoou with a better option if your credit is good and you are good at paying your bills on time and willing to make more than the minimum payments. One common method is to transfer debt from high interest loans to zero interest cards, and after the introductory period transfer them again allowing you to quickly pay down balances.

Like any system it carries some risk, and if you miss a payment or are late the interest rate could quickly become something above 20%. Study your options before giving this a try and make sure you are comfortable with your choices. If you aren't sure you can get more information and credit card news at credit cards UK. Always study your options before making a decision.

Technorati Tags: Credit Cards, Zero Percent Transfers, Balance Transfers
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