Consolidate Credit Card Debt
We know that it’s good to consolidate credit card debt (at least that is what we keep hearing
from everyone). In fact, the first step towards addressing the problem of credit card debt is to consolidate credit
card debt. Now, what do you do to consolidate credit card debt? Should you just go with that attractive ad in the
newspaper that says ‘...the lowest APR in the town is available here’?
The first thing, really, is to keep your eyes and ears open. There are always a number of offers available for
you to choose from. The credit card suppliers keep coming with new and more attractive offers asking you to
consolidate credit card debt with them. However, you must note that the APR quoted in bold, e.g. 0% APR, is
applicable only for a short term (3-9 months). The long term (or the standard) APR is different. So, when you go
looking for a credit card to consolidate credit card debt, you must be keenly looking for these 3 things (in terms
of APR) – introductory APR, introductory APR period and the standard APR. Let’s see how each one is important.
Introductory APR is probably the most attractive thing to look for when you are looking to consolidate credit
card debt. If you consolidate credit card debt to a card that has a low introductory APR e.g. 0%, the first thing
you get is a breather/relief in terms of the rate at which your credit card debt has been growing. Based on how
long that 0% APR period is (generally you will look to consolidate credit card debt with a credit card supplier who
offers 0% initial APR), you will at least be able to temporarily break the growth rate of your credit card debt.
More the introductory period, the better it is. However, you should not ignore the standard APR when you
consolidate credit card debt. This is the interest rate that will be applied to your balance after the expiry of
the introductory low APR period that was given to lure you to consolidate credit card debt with that credit card
supplier. If the standard APR is too high and you know that you will not be able to clear off the entire credit
card debt during the low APR period, that credit card is probably not the best for you to consolidate credit card
debt to. However, if you think that you will be able to clear off the entire credit card debt during that period,
you can make some compromises on the standard APR of the credit card to which you consolidate credit card
The card that synchronizes with your current and future financial position (and needs), is the one you should
consolidate credit card debt to.
Credit in Minutes Tip #1
Stay on top of your credit report. Most credit reports contain errors. Make sure you check your credit report
every year (you get one free credit report every twelve months) and if there are errors make sure to challenge them
with the reporting credit agency. Credit agencies are required to investigate each and every challenge that gets
Credit in Minutes Tip
Just because you qualify for all of those credit cards does not mean you should get them. A person with too many
credit cards looks sketchy in the eyes of a potential creditor. Think of it this way: if a person is financially
stable does he or she need ten different credit cards? Wouldn’t just one or two suffice?
Credit in Minutes Tip
The best way to raise your credit score is to make all of your payments on time. It sounds too simple to be
true, but that’s all there really is to it. Staying out of debt and/or making all of your debt payments on time
will keep your score up where it should be.