Pros cons consolidating bills
If you don’t use your time wisely and actually pay off your debt, you can end up in the same spot – with lots of debt at a high interest rate – once your introductory offer expires.
Here are some steps to take if you want to take full advantage of a balance transfer offer: In addition to the two balance transfer credit cards featured in this post, there are many other top balance transfer credit cards to consider.
If you ran up dozens of credit card balances and consolidated them for peace of mind, what’s to convince you not to do the same thing again?
Without a long-term plan to avoid debt and change your spending habits, you could easily end up worse off than when you began.
And during the time your balance isn’t accruing any interest, every cent you pay towards your new loan goes directly towards the principal.
While there are myriad balance transfer credit cards on the market, we wholeheartedly recommend two different cards: If you’re looking for a balance transfer credit card that can help you get of debt fast, look no further than the Chase Slate.
With this card, you’ll get 15 months with zero interest for both purchases and balance transfers.
Theis by far the most popular debt repayment method since it helps you score small wins right away.
Debt consolidation usually leaves people feeling relieved they reduced the number of monthly payments they need to make each month.
Since you still carry the same amount of debt, however, this feeling can give you a false sense of accomplishment.
With as much of your debt at zero percent interest as possible, you’ll be in the best position to pay down your total debt load faster.
Once you transfer your high interest balances to a card that offers zero percent interest, your minimum monthly payment on those debts should decrease.
Debt consolidation can help you merge all of your debts into a single loan, but that doesn’t mean it will actually save you money.