How To Get The Best Credit Card Consolidation Deal

Credit Card Consolidation 101
If you are considering credit card consolidation, take notes because we are going to provide you with some hot tips that will help you get the best rates possible. Remember, when dealing in economic times such as these, time is of the essence! Surely, you realize that credit is tightening and interest rates are increasing. That means that if you are a candidate for credit card consolidation, it would be in your best interest to act now!

Credit Card Companies Want Your Business
Surely you know by now that these credit card companies want your business and they need your business. They can’t stay in business unless they have credit card customers. And they can’t have credit card customers unless they approve credit card applications. However, I do have a caveat. When it comes to credit card consolidation, consumers beware! There are a number of issues that could cause your desire to consolidate, to turn into a huge disappointment. Here are my top credit card consolidation tips to help you get the best deal possible.

Credit Card Consolidation Tip #1
Without a doubt, the best option for credit card consolidation (if you are a homeowner) is to refinance and pull cash out to payoff those high interest rate credit cards. Or, obtain a HELOC, assuming that you have the available equity. The benefits are, you get lower interest rates, plus generally speaking, both of these options are tax deductible.

Credit Card Consolidation Tip #2
This may sound simplistic, but call your current credit card company (politely request to speak with a supervisor) and say something along these lines, “Hello, I’m so and so and I've been a customer for XX years. I'm considering other offers between 5 and 7 percent, but I’d rather stay with you, what can you do to make that happen?” Sometimes they can provide you with a reduced rate and sometimes they can’t. But you’ll never know until you ask.

Credit Card Consolidation Tip #3
Look before you leap! This tip may seem elementary, but you would be surprised at how many people who don’t follow it. Have you ever read the credit card policy small print? There’s a reason they use extremely small fonts. It goes back to the old adage: the BOLD PRINT GIVETH and the small print taketh away. Prior to applying for new cards and going through a credit check, research which cards might be the most beneficial for you. Don’t apply for any card until you’ve determined that it will put you in a better situation. Remember, multiple applications could drastically hurt your credit report and FICO score.

Credit Card Consolidation Tip #4
Search for new cards that provide teaser rates on balance transfers. Even in this tight credit market, some companies are still providing 0% interest rates. Seek out the lowest interest rate, not the lowest payment. Since methods of calculating minimum payments vary, some credit cards that offer lower monthly payments are actually extending the number of payments, which will cost you more in the long haul. And don’t forget to check what the final rate will be after the teaser rate expires.

Credit Card Consolidation Tip #5
Don’t get bamboozled; check the fees! We see this all the time. A person consolidates their credit cards with the wrong company and, BAM! They pay dearly! Check all of the associated fees with the potential new card. Are there annual fees, balance transfer fees, late fees and over-the-limit fees? These nickel and dime fees could make an attractive interest rate look real ugly. 

 
Joel Marks has been helping people get out of debt and avoid both bankruptcy and foreclosure for over fifteen years. Utilizing savvy debt counseling, debt management programs, Federal laws and a team of attorneys, debt counselors and advisors, he has quietly assisted thousands come from under the heavy burden debt.

 Source: http://debterasure.com/