Use Your Good Credit to Consolidate Debt & Save Money

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Debt consolidation
Debt consolidation is a concept that most people are aware of and often is a good idea. Basically when consolidating your bills or loans, you combine the total amount owed and make a single monthly payment instead of many smaller payments through...

Debt Consolidation with Free Government Grants? One Scam to Avoid
Have you ever seen a commercial or an ad promising �free government grant money?� According to these ads, the government and other organizations give away nearly one half a trillion dollars each year, and all you need to do is apply! The ads go...

Finding A Company To Consolidate Debt
A debt management company can consolidate your debt and lower your interest rates by negotiating with your creditors. Debt management companies can also help you pay off your loans sooner. But before you sign up with a company, make sure...

Free Debt Consolidation?
Chances are, when you�re reading this article, you�ve typed this particular set of keywords in the search box: free debt consolidation. And without a doubt, a number of articles came out as a result, this being one of them, or else you just happened...

Want To Consolidate Credit Card Debt?
Learning how to consolidate credit card debt is one of the best things cardholders can do. Consolidation is perfect for those who are looking to better their credit for the future. There are many advantages for cardholders who consolidate credit...

Use Your Good Credit to Consolidate Debt & Save Money

If you are like me, you receive multiple 0% APR credit card offers on a daily basis. Up until about a year ago, I would just throw them away. Then I wised up and saw an opportunity. Not only could I consolidate my current credit cards, I could eliminate unnecessary interest expenses.

I first transferred all outstanding balances from my high-interest credit cards (which were all of them) to my new 0% card. Now I was only making one payment a month instead of three. I then determined the average payment I would have to make each month to have it paid off at the end of the promotional period. That's the payment I made each month and it saved me a great deal of money in interest charges. At the end of the promotional period, my debt was paid off and I hadn't spent a dime in interest! The other option would have been to transfer the balance once again to a NEW 0% card at the end of the promotional period, further lowering the initial monthly payment.

I do have a few suggestions before jumping in and signing up for any 0% card. Compare all that are out there! Read the terms carefully. Is there a balance transfer fee, and if so, how much is it? Does the 0% apply to balance transfers only or to purchases as well? How long is the 0% promotional period? Know the terms well or this 0% card could cost you more than that 18% card you're already carrying in your wallet. There are a great deal of cards out there - pick the one that is the most beneficial to your needs. Best of luck!

About the author:

Jennifer Tarzian holds a Bachelor of Science degree in Psychology. Her experience includes sales, service, and managing a small corporation. She is proud to be a stay-at-home mom and enjoys spending time with her family and friends.

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