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

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

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  3. haha reminds me of that chappelle show epoisode

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

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  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

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  6. hate loaning things :(
    very good post

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

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

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

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

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

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  12. Yeah, I got caught with a nice whopping percentage.

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  13. not sure if useful here.. in brazil

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

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

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  16. Great post. waiting for more updates

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  17. 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...

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

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

    Thanks man, as usual!

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  20. thanks, unfortunatly I have some debt myself :(

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

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

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  23. im going to need this in the future

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  24. Or just use a debit card. Saves a lot of problems.

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  25. great advise, i was actually considering consolidating

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  26. you useally are worse off with consolidation plans.... following

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

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

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

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  30. Ugh. Still sweating my student loans.

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