Debt Consolidation

We all, over the course of our lives, sometimes rely on credit to get by. Whether it is for a mortgage on our home, a loan for a car, or a payday loan to get by until next Friday, theres little we can do to escape the effect of a debtors society. But the way you handle your debt is something you can have a say in, and indeed the way you do so could mean you save or spend thousands of dollars a year.

Lets imagine you have a few credit cards on the go. One of them, the card you had since you were in college, has a few grand racked up on it, and because you missed a few payments way back when, the interest rate is at 19%. Ouch.

But most of us never look at the interest rate were paying, because, quite frankly, we dont give it a second thought. MasterCard says we owe them $184 this month, so we pay $184.

But it doesnt have to be that way. Many credit card companies will give you a card, albeit with high interest after a period of time, that for the first 6 months to a year comes with 0% interest on all credit card transfers. What this means is, if you use your new card to pay a big chunk of your old card, you pay no interest on the new card for a set period of time.

Now, of course once that time is up, theyll put you right back on the expensive interest rate, but for a short time, the money you pay on your credit card is ALL-principal.

Credit card companies dont like you doing this too much in fact, theyll put it on your credit card report if you do it more than a couple of times but if youre looking to get out of a short term financial logjam, look for those introductory offers and use a new card to pay off your old card.

Oh, and when you do shut the old card down!

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