Pros cons consolidating bills
If you don’t use your time wisely and actually pay off your debt, you can end up in the same spot – with lots of debt at a high interest rate – once your introductory offer expires.
Here are some steps to take if you want to take full advantage of a balance transfer offer: In addition to the two balance transfer credit cards featured in this post, there are many other top balance transfer credit cards to consider.
Generally speaking, there are two ways to approach debt repayment – the debt snowball method and the debt avalanche method.
If you don’t secure an annual percentage rate, or APR, that is considerably lower than the weighted average interest rate you have now, you could pay the same amount of interest, or even more, over time depending on the details of your new loan.If you ran up dozens of credit card balances and consolidated them for peace of mind, what’s to convince you not to do the same thing again?Without a long-term plan to avoid debt and change your spending habits, you could easily end up worse off than when you began.Make sure to research them all, noting the fine print and terms and conditions, but also taking special care to understand the terms of their introductory zero percent offer.
Related: To get the most out of your new balance transfer credit card, make sure you transfer as many high interest balances as you can.However, you should keep paying as much as you can each month no matter what.