Credit card debt consolidation is an arduous task that many people face everyday. The first step is to get help with credit card debt, and if you found this post, then you're heading in the right direction.
Design A Credit Card Debt Management Plan
In order to eliminate your debt, you must develop a plan that pursues debt consolidation, and stick to it. Saying “you'll pay off the debt eventually” avoids the issue at hand, and your focus is key, considering the various obstacles and hurdles creditors send their customers through. First off, write down your plan on a piece of paper. Putting your goal down in writing increases your chances of success.
Now that you have a goal in mind, it's time to execute the debt consolidation plan. For starters, begin searching the web for 0% interest balance transfers.
Transfer high interest credit card balances to low or no interest credit cards
By transferring your bad credit card debt to a lower interest credit card, you'll save hundreds or even thousands in interest payments.
If you have multiple cards with multiple balances, pay off the highest interest rate first. Some critics will advise paying off the lower interest rate first for psychological reasons. Pay them no mind. If I needed psychological guidance, I'd talk to a shrink, not an accountant. The goal is to save money, and those high interests rates suck up money rather than preserve it.
Get Rid of the Credit Card Debt
Finding the right deal can take some time because your debt reduction plan should run smoothly, not start and stall. It's a good idea to ask for credit card debt help when you have questions about transferring a balance. If your nervous about switching to another card, call your creditor and ask for a break. Creditors will often waive fees or give special rates to retain loyal customers. We consumers really have all the power – though we tend to forget over and over again.
Bottom Line: Transfer your debt from high interest cards to low interest cards, pay off the higher interest credit card first, and stay committed to your credit card debt reduction plan until you reach your goal.