Monday, November 15, 2010

Debt Consolidation


If you have credit cards, you may see debt consolidation offers right and left.  These debt consolidation offers usually involve you moving all of your credit card debt to a new or existing credit card so that you have one balance.  Additionally, doing this debt consolidation may qualify you for an introductory low APR, which is designed to be lower than the APR's of your other cards.

Be careful if you are considering this.  Many times, these low introductory APR's have strict conditions and small windows of benefit.  It's common for the introductory APR to be around 2% and then jump up to 20% without any advance notice.  If you're going to do a debt consolidation on a credit card, be wary of the potential consequences if you don't watch your account closely enough.

73 comments:

  1. I prefer not using credit cards but sometimes they come in handy

    ReplyDelete
  2. Well at this area i'm pretty sure what i'm doing, but great post anyway!

    ReplyDelete
  3. haha reminds me of that chappelle show epoisode

    ReplyDelete
  4. good post, ill be sure to watch my account closely

    ReplyDelete
  5. what? one credit card debt to another card? i think one card is enough ... for me there is more cards - less overview over it

    ReplyDelete
  6. hate loaning things :(
    very good post

    ReplyDelete
  7. Aaah yes, good information once again, keep it coming !!

    ReplyDelete
  8. Didn't know that.. Thanks for sharing

    ReplyDelete
  9. Lots of good stuff here. Very refreshing information.

    ReplyDelete
  10. no debt here, thank god

    ReplyDelete
  11. good advice, a lot of the debt consolidation is a scam preying on people that already in bad situations...

    ReplyDelete
  12. good info in this post. also, im sorry that the people commenting on your blog suck at leaving good comments =/

    ReplyDelete
  13. Yeah, I got caught with a nice whopping percentage.

    ReplyDelete
  14. not sure if useful here.. in brazil

    ReplyDelete
  15. if i will ever have a credid card i will consider this :D thanks

    ReplyDelete
  16. Didn't realize they could switch the rates without notice after they trick you to sign up, good information

    ReplyDelete
  17. This is why I love set rates

    ReplyDelete
  18. Great post. waiting for more updates

    ReplyDelete
  19. If the company is in business, obviously it is making money. Therefore, I find it really hard to trust any company that is able to pay for a TV commercial and says that they can free me of debt. Sure...

    ReplyDelete
  20. You have me hooked on this blog! Wow! That's all I have to say!

    ReplyDelete
  21. Great advice in a tone that is easy to understand... That's got you written all over it!!

    Thanks man, as usual!

    ReplyDelete
  22. I hope I don't end up in debt >_<

    ReplyDelete
  23. thanks, unfortunatly I have some debt myself :(

    ReplyDelete
  24. there are a lot of fraudulent debt consolidators out there. make sure to research yours online before paying anything!

    ReplyDelete
  25. i feel like those debt consolidation places are such a scam, it's like they try to advertise free money

    ReplyDelete
  26. im going to need this in the future

    ReplyDelete
  27. Or just use a debit card. Saves a lot of problems.

    ReplyDelete
  28. great advise, i was actually considering consolidating

    ReplyDelete
  29. you useally are worse off with consolidation plans.... following

    ReplyDelete
  30. I have only my cash card ... for buying online and thats it !!! :D

    ReplyDelete
  31. i like your post!
    Supportin

    ReplyDelete
  32. Wow that's a huge difference in rates. Everybody has to know this.

    ReplyDelete
  33. What are some of the main conditions you would se eon these?

    ReplyDelete
  34. great post! amazing stuff ;D

    ReplyDelete
  35. Ugh. Still sweating my student loans.

    ReplyDelete