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Consolidate your Credit Cards
Consolidate your credit cards with a balance
transfer
Having
more than one credit card is not unusual
for many people anymore. It is quite normal to have
two or even three credit cards in regular use and if
you are the type of person who swaps cards
every few months to chase the introductory offers
you could have small amounts owing on many more
cards.
The problem with this is keeping track of all
the different repayments that are due on different
dates. One solution is to consolidate credit cards with
a balance transfer introductory offer.
Many credit cards offer a 0% APR on balance transfers
for the first 12 months. You are able to transfer all the
small balances of your credit cards over on to the one
new credit card.
This will allow you to make just one repayment every
month, and there will be no interest charged against
the total capital that you needed to borrow in the first place.
If you are able you should obviously try to pay as
much of the balance as you can during this time
because this way you will be left with nothing to pay
when the introductory period lapses.
Depending on the credit card you chose the interest
on your credit card would then go to the full interest
amount. With some credit cards it may be that the interest rate
will be stepped so that it gets gradually higher.
Consolidating credit cards in this way dose mean you
will have to apply for another credit card and when
you receive this new card you should cut up and cancel
your old accounts to prevent you from running to the
limit again. By doing this you should be able to keep
tight control over your credit cards and the credit you
have borrowed.
About the Author:
C. L. CLARK
Is a successful publisher of
http://www.first-in-credit-cards.com
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