Credit Card Loan Calculators ~~Financial Matters of Life ~~
How to consolidate my credit card account
Many people ask "How I can consolidate my credit card accounts?" The answer is that there are several ways to consolidate debt from credit card. Depending on your financial situation, one or more of these options may be better for you. Before to choose any individual option, weigh the pros and cons of all options. Your goal is to consolidate their credit card accounts so you can pay more faster and for less money without risking your home or personal property.
Credit Card Balance Transfer
If you have good credit and the credit card debt, then you probably get many balance transfer offers each month. Although these offers are tempting, read the contract carefully for these items:
- Transfer
- Offer period
- Interest rate
- Interest rate after the period offer expires
Most balance transfer offers include a transfer fee of 5.3%. Look for a card with no transfer fee, or a cap share of $ 50-75 each way. Before transferring credit card balances, calculate how long it would take to accumulate much interest in each balance in its rate current interest. If you currently have low rates, the transfer rate can cost more than the interest due if the debt can be paid relatively quickly. If the balance transfer interest rate is 0%, even a low transfer rate, more fees could cost much more than current rate in the long term.
Also look at the interest rate after the offer period expires. Some jump as high as 20%. If you can not pay the credit card balance transferred before the end of the mandate, you could get hit with high interest charges.
Personal Loan
You may also receive numerous offers personal loans. Personal loans are not back by a guarantee, so do not risk your home or personal property when you take the loan, but still must be careful. Often, the offer includes a low interest rate, but must have excellent credit to qualify. The worse your credit, higher interest rates. Carefully review the terms before accepting an offer of a personal loan.
Home Equity Loan or Refinancing
It can also consolidate credit card bills by bending your mortgage, line of credit or home mortgage refinance.
This option has two advantages:
- You will receive an interest rate much lower because the loan is backed by your home.
- Interest may be deductible taxes.
This option also has risks:
- If you can not make the new payment, you could lose your home.
- You may pay more for time because the balance of the credit card is paid to longer term.
- If you use a loan or refinance, you may also have the closing costs, which can be quite expensive.
The best choice may depend on the total amount of credit card accounts. If you could pay in a year for being frugal, then a balance transfer or a personal loan is the best. If you have a credit card balance large, but are determined to make a new beginning, and then a home equity loan may be just what you need.
For more stories visit http://www.bills.com/consolidate-my-credit-card-bills/
About the Author
Justin has 5 years of experience as financial adviser; his key areas are consolidation, debt relief, mortgages etc. For more free articles and advice visit http://www.Bills.com.
30 Year Credit Card & Loan Calculator Spreadsheet
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