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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