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Consolidate Your Credit Cards - Lower Your Monthly Payments
by Christopher Luck
If youre like most North American people today, you go through life carrying a fair amount of credit card debt. And if youre like most North American people, youre okay with that. $100 per month in repayments is fine, even if youre paying t

If youre like most North American people today, you go through life carrying a fair amount of credit card debt. And if youre like most North American people, youre okay with that. $100 per month in repayments is fine, even if youre paying that much on three different cards. Its doable you can afford it, if you have to. But heres the thing if you consolidate your credit card debt, you dont have to.

Do the math with me here: You have a Mastercard, a Visa, a Discover card and an American Express. Lets say with each of them youre supposed to pay 12% interest per year, (which would be generous many cards charge as high as 29% these days!) and the monthly minimum us roughly 2% of your balance that has to be paid back each month. Assuming you owe $2000 on each card, thats a $40 minimum payment on each card, or $120 per month before interest is even factored into your repayment equation. But if youre paying back $40 per month on a card that you owe $2000 on which charges 12% interest per year, youre paying $280 or over half your repayments in nothing more than interest!

Now consider the options when you consolidate your credit card. First of all, you could take out a new credit card and put the balance of all those other credit cards on it. Meaning, you take the debt from your Visa, Mastercard, Discover and AmEx, and you pay it all off using your new card.

Because most credit card offers will allow you to ‘transfer your balance from another card to theirs for 0% interest, you might not reduce your monthly minimum payment each month, but you will reduce your interest rate significantly, thus paying your debt off much sooner. Consolidation of credit card debt can reduce your payments by hundreds of dollars a year!

Another way to consolidate your credit cards and lower your amount owing, is to take out a consolidation loan with your bank. Because credit card interest can be up to 29% (even more in some states) without it being called ‘loan sharking, many consumers get trapped in a debt cycle that seems unending. Payday loans are no help they can be even worse, in fact. But a consolidation loan with a bank can see you pay all of those debts off at an interest rate of 5 or 6% - saving you a fortune on your payments.

But maybe your credit rating is awful and you dont think you can get a consolidation loan, or a credit card to consolidate your old credit card debt have no fear! There is a multitude of lending institutions whose job it is to find financing for people just like you. Granted, the interest rates will be higher than for someone with a good credit background, but it will still be significantly lower than what youll pay in credit card fees, and as you pay that loan back, your credit score will quickly begin to heal.

Theres just no good reason to carry a huge credit card burden these days, and its mainly out of apathy or ignorance that so many people do. If youre in need of information to help get out of the burden of credit card debt, there are many institutions and debt counseling organizations that can help you get out from under the unending pressure of debt. In fact, many of them can negotiate a better rate with the banks and credit card companies you own money to, to ensure that you can pay back what you owe without living in poverty.

Credit cards are a handy tool, but the time is right for you to consolidate your credit card loan payments and start living well once more.

Christopher M. Luck has an extensive background in dealing exclusively with credit card consolidating and is now offering his free professional credit consolidating secrets to the public. If you are at all interested in Christopher's professional consolidating advice, tips, or secrets, you can visit his credit advice blog.

The site is not responsible for any content in it. E-mail: alldir[at]gmx[dot]com
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