Consolidating credit card debt with bad credit Nkeeed dating
Chances are you will not have that credit card debt paid off after that time period." Tehan says after consumers are armed with information, they should then consider bargaining for the best deal."Just call your current credit card company and say, 'Hey, I've been a customer for X amount of years. I've got five offers in front of me for 4 percent.' Sometimes they can offer you something better," he says. Downsize your wallet There's another reason to consider consolidating credit cards, says Lynne Strang, a spokeswoman for the American Financial Services Association Education Foundation, an organization that focuses on teaching money management skills."That can drastically hurt your credit report and score." He, too, recommends reading the terms and conditions of the credit card agreement. An example of a fee is 3 percent of the transferred amount up to a certain capped dollar amount, however, recently credit card issuers have been eliminating the cap.When reading the fine print, be sure to note whether this is the case. Read about everything before you decide what to do.Rising interest rates and mounting credit card debt may prompt many consumers to look for ways to consolidate their credit card bills.Financial and money management experts say consumers should consider transferring high-interest balances to 0 percent or low interest credit cards if they can.How do you know when it's time to consolidate credit cards?"If you think you're having money problems, you are," Tehan says "If you can't afford the minimum payment, then you really need to take action.
"It's harder than ever to get a refinance loan or a HELOC loan due to the credit crunch." Stroh's advice: "Think strategically.For your safety, do not disclose confidential or personal information such as bank account numbers or social security numbers.Anything you post may be disclosed, published, transmitted or reused.If you don't, then APR moves up to the top of the list for things to look at on the card," she says. If the card product that you currently have doesn't best suit your needs, there are many options out there to evaluate." How many cards are too many? Realistically, it's what you can afford." He notes that those with numerous cards who are carrying balances on those accounts may be paying a considerable amount in interest each month."The consumer needs to do an honest assessment of what type of card user they are, then choose a product that best matches up with that type of use." People who have high interest rate credit cards should review their monthly statements and credit card agreements for terms and conditions. "If you do have 20 cards and they're all maxed out, that could be a sign of a larger problem that debt consolidation may not help you with," Tehan warns.