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Consolidating debt with a credit card

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Are you considering credit card debt consolidation to simplify your bills? Before you sign up, you need to understand what it is and if it can really be beneficial to your specific situation.

Credit card debt consolidation basically means merging or combining your multiple credit card bills into one new “bundled” credit card debt, with much lower / more manageable monthly payment. So instead of having to pay multiple issuing banks or creditors, you just need to pay a single bill and single bank each month. Some creditors waive off penalties (late payment charges, overlimit charges, etc.)

Consolidating all your debt using your credit card may seem like a good idea, and it probably is. However, it also has some downsides. Here are the pro’s and con’s of consolidation.

PRO’s:

  1. Lower interest rate and monthly payment – You can enjoy significantly lower interest rates when you consolidate, allowing you to gain back control of your monthly cash flow. Paying a lower amount to only one creditor gives you some breathing room to build up a savings account.
  2. Simpler bills management – You no longer have to worry about multiple bills. When you consolidate debt, you only have to make a single payment. There’s almost no chance you’ll ever forget to pay again.
  3. Improved credit score – If you pay your new consolidated debt regularly and on time, you slowly clean up your credit history and thus improve your score.

CON’s:

  1. Longer payment period – The consequence of paying less interest is paying longer. For instance, it may only take you two years to wipe off your debt without consolidation if you are disciplined. With consolidation, it may take you three years.
  2. Higher overall cost – In some instances, the total amount of interest paid over a longer period is actually higher.

Debt consolidation using a credit card may be a good short term solution for people who really need some financial order and breathing room as soon as possible. If you don’t trust yourself to pay off your current credit card debt without consolidating, then perhaps this solution is for you. However, if you can stick to a routine of paying as much as you can on your current debt, you may end up saving more money if you do not consolidate.



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Featured Articles:

Featured Article 5

Ever thought of getting a credit card but don’t know where to start? For majority of cardholders we know, credit cards are terrific tools that certainly have very great advantages.

We at comprecreditcards.com.ph have surveyed many customers and here is what came out…

Its very handy payment. That’s the big thing, right? You don’t have to worry about being robbed or something because you don’t have that big cash with you. Even if you’re just making small purchases, it’s a big help. Plus, the fact that we are in the on-line shopping age, it’s a total must have.

On the spot loans. When you’re short of cash, a credit card will be there to save you from the embarrassment of not being able to pay as it will help you make up for your purchase. To avoid any fees, just pay your balance in full.

You have no idea as to where you’re spending your money? People have the tendency to say they don’t know where half of their money went. With a credit card, you can easily track your purchases on your monthly payments. So if you think your wife spent too much for the month, check on your bill, who knows, it might even be you…

It’s easier to pay off. It’s easy to pay credit card bills. All you have to do is find an ATM with your checking or an easy account transfer. Good news is you don’t have to wait a month to pay it off. And guess what, some even lets cardholders pay their bills ONLINE. So say goodbye long lines; Hello to convenience!


You get rewards.

Every time you make transactions you earn point or “rewards” that you can exchange for either gift checks, vouchers, exclusive items or maybe the cash back system. We’re not saying that you use your credit card non-stop to avail of these, but as a matter of fact, it is a nice bonus.

Very exclusive deals. How would you spell exclusive? Its “c-r-e-d-i-t-c-a-r-d”. Why? Because you get a lot of high class services that are only available for those people who hold the cards. Sometimes its discounts on products, dining and traveling first class. Remember the times when you really wanted to buy something and you were able to buy it because of the discount my credit card was able to give me.

We can go on and on with these, but nothing is really important than learning it by experience. Everything has its ups and downs. It’s up to you, as the card holder, to become responsible in how you manage your money. Look into the bigger picture of how credit cards make life easier and who knows you might just even love it. Just be responsible and a word of advice, pay your dues on time, all the time…