August 4, 2006, Newsletter Issue #26: 3 Roads to Credit Card Consolidation

Tip of the Week

There are many ways you can consolidate your credit card debt. Credit card consolidation is a very smart move for anyone who is burdened with high monthly payments and no end in sight. Here are 3 ways that you can consolidate this debt and save money each month. Consolidate to a Single Card – If you have multiple cards, you can achieve credit card consolidation by increasing a single credit line and consolidating to it. Most people choose to open a new credit card with the necessary limit and a great promotional interest rate. If you get these in the mail like most people, really read the next one. It may be something you really need. Get a Low Interest Bank Loan – Personal loans are available from many banks for cars, vacations, and credit card consolidation. The fixed rates that banks can offer are usually competitive with credit cards so a credit card consolidation loan can be a smart move. The advantage to a bank is that you will not be spending the money again each month as you do with a credit card. Meaning, you will have a light at the end of the debt tunnel. Use Your Home Equity – If you are a homeowner with credit card debt, you can use the equity from your home to consolidate your credit cards. Credit card consolidation with a home equity line of credit is great because these rates usually cannot be beat by any credit card. Even a 0% credit card will only last that way for a limited term. With a low rate equity line, your credit card consolidation will have long-term low interest.

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