Nobody likes to live a life under the stress, pressure, and frustration of credit card debt.
It is really – REALLY – easy to get sucked into a of credit card debt in a hurry, burying yourself thousands of dollars of debt faster than you ever would have thought possible with no real way. The minimum payments aren’t going to help you out, and even if those minimum, the sky high APR charged to most every credit card out there is going to kill you when it comes to interest.
Thankfully though, there is a way to better manage and mitigate the credit card debt that you might be living with – and believe it or not, it can be done with other credit cards or personal loans!
Yes, we’re talking about consolidated credit card, giving you an opportunity to put all of your credit card debt in one lump sum with a relatively low interest rate so that you can pick away at it much more effectively and get yourself back on track financially.
Here are some tips and tricks to help you out!
Find out exactly how much credit card debt you are actually carrying first place
The first thing you have to do is figure out exactly how much credit card are carrying, something that may not immediately obvious or easy to uncover (believe it or not). You’ll want to get all of your active balances, all of your interest rates, and all of your minimum payment information down on a piece of paper so that you know what you have to do with your debt going forward.
Use 0% APR credit card options to consolidate if available
One of the best ways to consolidate all of your credit card debt is to take advantage of cards that offer a 0% APR for a specific amount of time (usually 12 months) – especially if those same cards offer some kind of balance transfer premium or bonus the way that many of them will.
This allows you to consolidate your debt across the board, get it all in one specific place that makes it easy to manage, eliminate the interest that will be accruing on any debt that you aren’t able to pay off, and even give you bonus rewards, points, or miles at the exact same time.
Take advantage of personal loans to consolidate your debt
If you can’t get your hands on a 0% APR credit card with bonuses to consolidate with a balance transfer, you want to look into a personal loan from your bank or credit union. Tell them that you’d like to go through a debt consolidation program, that you are looking for the lowest possible interest rate available, and that you can get set up on automated payments and you’ll be able to find solutions that put you in the driver seat when it comes to debt repayment and consolidation.
A personal loan will inevitably carry a higher interest rate than 0% APR, but for some folks it is a trustee and reliable way to consolidate all of the debt they have across multiple credit cards while cutting out those sky high APR interest rates – a real win-win situation.